Credit card debt often increases during holidays

On Behalf of | Nov 19, 2021 | Bankruptcy

Thanksgiving Day that typically kicks off the holiday season in Tennessee and throughout the United States. It is a festive, albeit busy time of year where many people enjoy gathering with family and friends to celebrate. Unfortunately, certain customs, such as feasting on specialty foods, traveling for visits and gift-giving, can have a downside, especially if they wind up causing increased credit card debt.  

Set a dollar amount ahead of time to avoid financial crisis 

Giving gifts and hosting parties is a normal part of American culture during the holidays. Especially for someone who is already struggling financially, however, failing to set budget constraints can lead to serious money problems after the holidays are over. To avoid such stress, it is helpful to set a feasible dollar amount ahead of time for gifts and other “holiday extras.” In fact, one of the easiest ways to avoid credit card debt during the holiday season is to use cash only to purchase gifts.  

Don’t forget the additional costs 

Many people run into financial trouble when they think they have enough money on hand to purchase holiday gifts but forget to factor in additional costs. Such expenses often include postage or shipping and handling fees for items purchased online. Other items, such as wrapping paper, gas money for traveling and enough food to feed a crowd can make credit card debt skyrocket.  

Getting things back on track in a financial crisis 

Everyone wants to enjoy their holiday season. If credit card debt gets a bit out of hand, making a few adjustments in spending and paying more than the minimum required on a balance after the holidays may be all that’s needed to resolve debt. In some cases, however, such solutions may not be enough, which is why it is helpful to know that there are often additional options available, such as filing for bankruptcy to obtain debt relief and start afresh to build a strong financial future. It is easier to determine which specific type of bankruptcy best fits one’s needs by asking an experienced Tennessee bankruptcy law attorney to review one’s case.  

Archives

FindLaw Network

Begin a free consultation:

our office location:

Richard Banks & Associates, P.C.

393 Broad Street Northwest
Cleveland, TN 37311
Toll Free: 866-596-8527
Phone: 423-244-0009
Fax: 423-478-1175

Image
Image