Here are some strategies that can help you dig out of holiday debt – CNBC

While some Americans are still recovering from holiday festivities, many others may have lingering effects of spending regrets. Overall U.S. retail sales increased 7.6% year-over-year between Nov. 1 and Dec. 24, according to thelatest Mastercard SpendingPulse survey.

For many consumers, the amount of debt they took on to pay for holiday purchases grew as well. Anew LendingTree studyfound 35% of Americans amassed holiday debt in 2022. The average amount was $1,549, the highest level since 2015 when the survey was first taken. And 37% of those taking on holiday debt said it would take them at least five months to pay it off.

If you want to pay off your holiday debt well before this summer, here are seven steps you need to take now.