This year, give yourself the best present of all; a holiday season where you don’t go into a panic over your December credit card bills. You’ll be less stressed and you won’t have to figure out how to pay yet another credit card bill. We use credit cards for everyday purchases, such as gas, food, and groceries. Many of us have credit cards that offer benefits and rewards so we feel more comfortable in spending to gain them. However, credit card debt can still be a deep hole to dig yourself out of.
Throughout the holiday season, many stores will ramp up their offerings of store credit, deferred payment, or deferred interest. Do your best not to fall for it. At this time of year, the APR’s are generally much higher than they are during the rest of the year because the demand is lower. Try these five tips to avoid credit card debt, or from going further into debt, over the upcoming holiday season.
Track your spending: Posting a notepad on the refrigerator as a reminder with each holiday expense will let you see how much it’s really costing you and how you can stick to your budget. It’s not only gifts and Christmas decorations, but the smaller items such as wrapping paper, meals, and holiday parties. Once you hit the set budget, you have to close your wallet and call it a season.
Leave the card at home: When you head out to do your holiday shopping, only take with you a specific amount of cash. Leaving your credit card at home will make it easier for you to use it. Use the amount of cash you brought, and when that runs out, call it a day.
Get creative: Creating handmade gifts is a great way to lower your spending on presents that you would purchase from a store or online. It also adds a personal touch that a present from a retail store can’t compete with. Moreover, it’s a great way to work on gifts as a family and spend the holiday time together.
Take advantage of layaway: Previously before everyone had a credit card, layaway was a popular method to pay for large purchases and gifts during the holidays. Paying a set amount towards the total consecutively each week means that when you pick up those gifts they are already paid for.
Say “I can’t afford it.”: There is no reason to be ashamed that you are living within your means, and doing it in a shameless fashion in order to avoid overspending that leads to credit card debt. Driving yourself into debt in order to get the people you love material goods is never a good plan. The best present for all involved should be your financial stability and peace of mind.
Is Your Credit Card Debt Out Of Control?
There are a number of legal approaches to help you deal with excessive debt. There’s rarely one type of debt at the heart of financial problems – student loan debt, mortgage debt, medical bills, and other financial drains can lead to using credit cards to cover basics that should be paid with cash or debit cards. Whether it’s a debt workout with a creditor, or a Chapter 7 or Chapter 13 bankruptcy, the attorneys of Wynn Law Firm are here to help.
Contrary to what you may hear, bankruptcy does not mean that you are going to lose your home, your car, or that you will never be able to borrow money again. Bankruptcy is a powerful tool that lets everyday people even the playing field in an unfair environment in order to achieve financial relief and freedom.