It's time to pay for that holiday shopping

Americans are feeling confident enough in the economy to go back to a time-honored tradition - taking on a little extra debt.Consumer borrowing surged in

YONKERS - Americans are feeling confident enough in the economy to go back to a time-honored tradition - taking on a little extra debt.

Consumer borrowing surged in November by $20.4 billion, the Federal Reserve said Monday. That's the largest monthly gain in a decade.

Financial expert Jordan Goodman, the author of "Master Your Debt," says holiday sales across the country were more than $500 billion and much of it was charged to credit cards. Now those bills are coming in and many people are having a hard time paying off their cards because of high interest rates.

Goodman suggests using a nonprofit credit counseling agency to manage holiday debt.

"They have deals you can't get on your own. You can get 6- to 7- percent interest rates instead of 28 to 29 percent," Goodman says. "They can consolidate all that debt into one bill and they pay the creditor and you just make one payment." AP wire services were used in this report.

For more on the best credit cards:

Best Credit Cards, Comparisons and Reviews

For more on fixing errors on your credit report:

Full-Service Credit Repair

For more on credit car debt settlement:

Do you feel trapped by your credit card debt?

More Jordan Goodman appearances on News 12:

Is the time right to refinance your home?

Keeping your credit score jolly during the holiday season.

Financial expert discusses new credit card laws.

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