6 Credit Card Habits to Survive the Holidays

Account Degree

Gunther showing good use of credit at a Wells Fargo ATM

We are all emotional beings, and it’s particularly easy to get caught up in emotions this time of the year.  A lot of our decisions in life are based on emotion, which can sometimes get us into trouble.

Globe University in Minneapolis recently partnered with Wells Fargo to host several financial wellness seminars that were offered to the students and local community.  These seminars–which offered a nice connection to students in our accounting degree program–were led by Wells Fargo bankers Sean Aurness and Todd Fahner.  The seminars covered topics such as Basics of Banking, Budgeting Basics and Credit Management.

Sean gave 6 very important steps to eliminate credit card debt. These are great steps to follow as we spend our money (or credit) this holiday season:

  1. Stop using the cards for new purchases – This can be so challenging when money might be tight and we have so many gifts to purchase.  Be conscious of this and do your best to try and not make new purchases on credit.
  2. Pay more than the monthly minimum due – You are saying “Are you kidding? This won’t happen!”  However, if you even pay $10 more each month on any credit card debt it can dramatically pay off this debt sooner.
  3. Pay off the card with the highest interest rate first – A lot of us want to pay off the credit card with the lowest balance; however, Wells Fargo recommends paying down the card with the highest interest rate first.  If it helps for you to see results quicker to see your debt disappear, then pay off the smallest amount first.
  4. When a card is paid off, apply that monthly payment to other open credit lines – So you see your debt eliminated and it might be easy to take those additional funds and spend it.  Wells Fargo recommends that you take that payment and apply it to additional lines of credit – you won’t miss it anyway!
  5. Close accounts as they are paid off (keep one for emergencies) – If a line of credit is not open, you won’t be tempted to use it.  Once you pay off a credit card just close it to avoid temptation.
  6. As cards are paid off, use the extra cash to fund future goals like retirement – You will be so excited and fulfilled once you pay off your debt and it can be easy to take that extra cash and spend it.  Be sure to save some whether it is for a savings or retirement account.

Account Degree

Seth from Wells Fargo sharing financial tips


Gunther Maniffa, an Accounting Degree student, had some advice from the seminar, “Don’t open up new accounts especially the ones that can tempt us to save on a purchase.”  

This is great advice for anyone making purchases this Holiday season. 

To learn more about an Account Degree at Globe University in Minneapolis, call 1.877.303.6060.