For people who are dealing with debt, the temptation to just say "charge it" for their holiday purchases is great. Our readers in Pennsylvania might find it interesting to know that there are other alternatives to using credit cards for holiday gift purchases. For people who are trying to be back on top of their finances either before bankruptcy or after, finding ways to say no to debt becomes vital.
When you consider that one-third of all Americans has a monthly credit card balance of an average of $7,743, it is easy to understand why payment methods for holiday gifts becomes vital. For these Americans, the desire to give gifts that make people happy will likely lead to a financial hangover that can last for years.
The holiday season is one that requires a budget. Making a list of holiday gift recipients and sticking to that list while staying within budget is vital. It isn't always easy to stick to that budget while shopping for the holidays, but by doing so you can ensure that you aren't suffering for a long time to come.
For some, the need to use credit cards for holiday shopping is real. In that case, they should pay off the credit cards as soon as they come in. Some suggest paying them off weekly if anything is charged on them.
If credit card debt has gotten to be too much, filing bankruptcy might be an option. Knowing about bankruptcy, as well as other options might help people to make an informed decision about how to cope with their overwhelming debt.
Source: New York Post, "Debt-free shopping over the holidays" Catherine Curan, Nov. 29, 2014