With the holidays in full swing, many people are wondering how to get through the coming weeks without taking on additional debt. For those in Columbia who are concerned about their financial stability and fearful of accumulating more credit card debt, the following tips may offer some assistance. With the right blend of motivation and effort, it is possible to take control of one’s finances and regain stability.
One of the most important steps to take during the holidays is to establish a detailed holiday budget before a penny is spent. Be sure to include not only gifts, but the many other small expenses that can pop up during the holidays. Hosting a holiday gathering costs money, as does decorating a home or attending holiday events. Be sure to create a realistic budget for holiday spending, and avoid paying for expenses with credit cards.
It can also be helpful to harness the power of technology to stay on track during the holidays. Most banks have email or text message alerts that can be set up to notify customers of their daily account balances. That can be a great reminder of budget restrictions, and can avoid overdrafts and excessive spending. Most banks also offer online bill payment services, allowing customers to set up automatic monthly payments from their checking account to their credit cards.
The holidays are a time of excitement, and of tradition. It is entirely possible to avoid taking on new credit card debt during this busy time of year. For those in Columbia who are struggling with high levels of credit card debt, the New Year may be the right time to sit down with a bankruptcy attorney to discuss debt relief options. That can make 2017 a far less stressful year.
Source: Forbes, “How To Avoid Credit Card Debt This Holiday Season”, Nick Clements, Dec. 7, 2016