Stressed over post-Christmas credit card debt? You're not alone

Groups that provide free financial counselling are starting to hear from stressed Albertans as they brace for their post-Christmas credit card bills.

According to some estimates, the average Canadian family expected to spend more than $1,500 over the holiday season.

Mark Kalinowski, a financial educator with the non-profit Credit Counselling Society, says many people feel overwhelmed after the holiday season.

"I think those that have spent and maybe aren't in the affluent category they once were they've had income loss or loss of job I think they are struggling harder," he said.

"Because people still have this very dedicated sense they should give not just givebut have people in, donate to charities when their money has become tight. So I think there's a lot more worry and a lot more stress in the post-holiday season this year than there has been in the past."

Kalinowski estimates the number of people calling in for help is up about seven per cent this January.

He suggests going through receipts to tally how much you spent and how much you still owe.

"Can we consolidate the debt onto a lower interest rate credit product? The lower the interest rate, the more money we can pay back to the principal, the sooner it goes away," he said.

Brian Betz, a credit counsellor at another non-profit, Money Mentors, says many Canadians are in the same boat.

"We know that half the population is living paycheque to paycheque, that debt levels are at an all-time high in terms of disposable income," he said.

He says it doesn't hurt to seek free financial advicebecause often the experts can find hidden savings or ways to clear debt more quickly.