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Mitigating credit card debt during the holidays

With the holiday season upon us, it is common for Americans to overspend on gifts for their loved ones. South Carolina residents understand how potentially problematic it can be to accrue credit card debt at this time of year, as it can make it very difficult to bring back down to manageable levels once the season is over. However, there are ways for the average family to prepare to spend wisely during this costly time of year. 

It may come as no surprise to most people, but creating and sticking to a holiday budget is a good place to start when it comes to keeping debt down. While it is laudable to want to overspend on loved ones, it is also dangerous. Creating a list of gifts to purchase or setting a budget limit for oneself can go a long way to keeping costs manageable. 

The holiday season is undeniably hectic for most people, between travel and other obligations that come with the season. However, it is important to continue to pay attention to day-to-day responsibilities, especially paying bills on time. Accruing late payment fees can only add to problematic finances come the new year. 

Of course, overspending is just one reason why South Carolina residents might end up facing credit card debt at the start of 2015. Budgeting and pre-planning can help to mitigate these issues, but sometimes unforeseen costs arise that can't be accounted for ahead of time. If debt becomes unmanageable, there are a number of options available to American families, including debt restructuring and personal bankruptcy, to help get finances under control. 

Source: detroitnews.com, "Don't let debt ruin your holiday season", A.J. Smith, Nov. 30, 2014

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