WILIMINGTON -- The holidays have come and gone, but the debt from holiday expenses may linger.
The average consumer spent $752 this holiday season, and financial advisors say that was probably more than they intended to spend.
"I definitely overspent,” said. Jaya Griffin. “My budget was like $150 for four people and that turned into like $400 so it was definitely over."
Rick DeCrescente, vice president of sales for Alliance Credit Union, said a lot more people have come in recently seeking relief from overextended budgets. At this time of year, problem spending goes up, he said.
"It's definitely during the holidays,” DeCrescente said. “A lot of times people will deplete their savings account, which is their cushion, their little nest egg, run up credit cards."
DeCrescente coaches people to consolidate their debt, which is essentially a new loan.
He notes that one group, in particular, needs to do a better job of watching its spending – millennials.
"Millennials are the group that's really accumulating the debt today," he said.
The advice from financial advisors is that, even after over spending, people can benefit from starting to budget. Don’t keep money problems a secret and seek help from a financial professional.
Managing money better starts with a plan, DeCrescente said.
"Know your parameters, and also take advice on not only how to make your money, but save your money and be really smart about your credit decisions," he said.