Tips to Avoid Holiday Debt

Tips to Avoid Holiday Debt

The holiday season has begun and big shopping days like Black Friday are just around the corner. During the holiday season, it is easy to get caught up in excess spending that can hurt you financially. If you are already facing a difficult financial situation, going further into debt for holiday spending can only make matters worse.

As you head into the holiday season, consider the following tips to help you avoid the increased stress extra debt can bring:

  1. Plan Ahead and Make a Budget: One reason people go into debt during the holiday season is simply because they buy way more than necessary. Instead, take time to write out a plan. Set a budget limit, list the gifts you want to buy, and decide how much you can spend on each gift. Stick to the budget even if want to spend more—it will be the best option for your finances in the long run!
  2. Don’t Rely on your Credit Card: Along with planning for your gifts, try to use available cash whenever possible. The problem with using your credit card is that after spending, you will have to pay high-interest rates when you attempt to pay back what you spent over the holidays. Additionally, if you are already in a poor financial situation and are considering bankruptcy, any luxury expenses charged to your credit card can delay that process, prevent those debts from being discharged, and even result in a dismissal. Ultimately, it’s best to save up for the holidays, and rely on your credit card as little as possible.
  3. Get Creative: Another way to avoid excess holiday spending is to get creative and think of alternative gifts or ways to buy them. Perhaps you can learn or use a skill to create a homemade gift for a loved one. Additionally, look to see if you have earned points through your credit card—oftentimes these points can be converted to gift cards which you can use to buy gifts. Buying holiday gifts doesn’t have to mean going to the store and running the credit card, instead look for other options.

These tips are just a few ways to avoid excess holiday spending and the stress that comes along with increased debt. However, if you find yourself facing an overwhelming financial situation, and holiday debts have only added to your financial troubles, it may be time to speak with a skilled Atlanta personal bankruptcy attorney.

Get Help from an Experienced Atlanta Bankruptcy Attorney

Holiday spending likely isn’t the only reason you are considering bankruptcy, but it can certainly add to your concern about your financial situation if you are already facing other significant debts from medical, home, utility, and credit card expenses. If you are looking for a way to get a better handle on your current financial situation and move to a more stable financial future, bankruptcy is definitely an option. By speaking with a knowledgeable bankruptcy attorney at the Ballard Law Group, you can see how bankruptcy can benefit your specific situation. Contact us today at (404) 800-9939 to schedule a free case and get your questions answered!

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