Right about now, many people in Tennessee and throughout the country are feeling stressed because of increased debt they have incurred during the holidays. A lot of consumers have gotten into the habit of purchasing all holiday gifts and supplies on credit. They have every intention of paying off the balance on time and are often caught off-guard by unexpected expenses, which makes it impossible to pay off their credit cards. There are several ways to help resolve post-holiday financial problems.
Get a clear view of the overall financial picture
As soon as possible, it is a good idea to carefully review one’s finances if money problems have arisen during the holidays. It is impossible to resolve a financial crisis if the person in question does not clearly understand how much money is owed to various lenders. A first logical step to take to resolve a post-holiday financial crisis is to compile a list of all existing debt, including outstanding balances.
Get some cash back through rebates and make gift returns if possible
When financial trouble hits, it is helpful to find ways to generate more cash flow. There are a couple of ways to do this after the holidays. One is to go through all the gifts that have been received to check for duplicates, clothing that doesn’t fit or other issues. It is often possible to get cash back by returning such gifts to the store. Many gift items come with rebates that people tend to throw away. Instead of discarding rebates, send them in right away, which may also activate cash back offers.
If additional debt relief support is needed
To reduce post-holiday financial stress, it is helpful to cut spending, at least temporarily, until things get back on track. If efforts to pay off debt are not successful, it is a good idea to explore additional options, such as consolidation programs or, in some cases, filing for bankruptcy. If the latter option is being considered, it is helpful to consult with a Tennessee attorney who is well-versed in bankruptcy laws.