Holiday season 2019 is upon us! It’s a time of giving, loving, celebrating, eating, singing, decorating, visiting, traveling, and…well…spending. With the holidays in full swing, it’s easy to let spending spin wildly out of control as we try to give all our loved ones all the presents, travel to all the places we want to be, and experience all the holiday fun that is offered. Whether you’ll be traveling this holiday season or hosting family or friends at your home, it’s vital to approach the holidays with a no-debt mindset. Take it from a bankruptcy attorney used to seeing a significant increase in bankruptcy interest post-holiday each year; it’s the most critical time of the year for budgeting and controlled spending.
Anyone involved in the financial industry, even in the smallest way, will agree on one thing: it’s easier to stay out of debt than to try to get out of debt.
During the holiday season, it’s very easy for consumers to depend on their credit cards. Yet credit cards are one of the most frustrating debts Americans face year after year. Overwhelming credit card debt is the most common reason consumers cite for filing bankruptcy. Avoid the trap of coming out of the holidays in debt by taking some tips from a few of your most experienced local bankruptcy attorneys.
Tips on a “No Debt” Mindset this Holiday Season:
Buy with Cash:
No matter what you are buying (gas, gifts, food, travel, etc.), pay cash. Paying cash helps control spending and avoid a surprisingly large credit card balance after the holiday.
Plan Your Spending:
Avoid spontaneous shopping. Plan your shopping. Scope out the sale ads and choose gifts ahead of time. Planning helps keep holiday spending in check. Try to compare any awesome “deals” you find with regular pricing to make sure it’s a good price. Too many stores lead shoppers with the best intentions astray with misleading advertising and signage that indicates “sale prices” that don’t offer any significant amount of saving.
Travel for the holiday ON the holiday:
Did you know that fewer people want to fly on holidays? You’d probably prefer not to fly on the holiday either, but you can get significant savings on flights by catching one on the big day (Christmas Day, New Year’s Eve, etc.) It can mean drastically reduced costs for holiday travel.
Use a Budget:
Holiday spending quickly gets out of hand. Try not to allow the hectic nature of other’s shopping to affect you. Create a comprehensive budget and stick to it! Set limits for each gift/recipient, set similar boundaries for any other necessary expenditures like vacations or menus, etc.
If you are buried under overwhelming debt created by holiday spending or other financial hardships, please don’t hesitate to get in touch to discuss the protections of bankruptcy. Most bankruptcy offices in the Chattanooga area don’t have a single Consumer Bankruptcy Specialist on staff. Our office is the only one in Chattanooga with two. You are in good hands with Kenneth C. Rannick P.C.