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Avoiding additional debt accumulation during the holidays

| Dec 2, 2020 | Chapter 7 |

It is fairly common for Americans to spend a significant amount of money during the holidays. Travel, gifts, food and other holiday-related expenses tend to result in a heavier reliance on credit cards at the end of the year. For some Louisiana consumers, additional debt accumulation can lead to serious financial problems with no way out. It may be prudent to avoid taking on more debt during this season.

Avoiding additional spending during the holidays is not always easy. There are a few simple things an individual or family can do that will help save money, keep finances on track and preserve long-term interests. One of these things is to create a budget for holiday spending and stick to it. It will be easier to stick to a budget after making a specific list of gifts and items to purchase. This can curb unnecessary purchases or impulse buying.

It is also easier to stay on budget by shopping sales. Many companies and businesses run specials during the holidays, and shopping around can help one find the best deal on specific gifts. For some who are creative and have the right skills, a simple way to reduce holiday spending is to make gifts.

Spending too much during the holiday season can lead to additional debt that may be difficult to manage or pay off. Heavier than normal credit card use for a few months can be the tipping point for some who already have high balances. For this reason, a Louisiana consumer may find it beneficial to consider bankruptcy as a way to deal with some of these balances once and for all.

Facing Overwhelming Debt?