How to Stay out of Debt During the Holidays
The holidays are upon us, which means that bills are mounting and debts are accumulating as consumers spend money on gifts, holiday expenses, Christmas parties, vacations, and more. It is also common for most of these expenses to be paid for with credit cards.
The holiday season is a time in which most consumers build up credit card debt — and without the proper planning, budgeting, and spending, consumers may find themselves facing financial struggles and debt in the new year.
How Can I Manage Spending During the Holidays?
It can be difficult to stay out of debt during the holidays, but by taking the right steps and following a plan, consumers can kiss their holiday financial woes goodbye. When managing spending during the holidays, consumers should take the following tips into consideration.
- Set a budget
- Create a spending plan
- Avoid impulse shopping
- Take on a seasonal job
- Consider debts from last year
- Prioritize payments
- Create DIY gifts
- Plan a gift exchange
- Consider giving meaningful or “priceless” gifts
- Compare prices
- Take advantage of credit card rewards
- Cut down on expenses
When spending during the holidays, consumers should consider the type of debt they are taking on and what the best choice is for their lifestyle, budget, and spending habits.
How Can Debt Consolidation Help Me Manage My Debts?
Consumers who are having trouble managing their debts should consider debt consolidation. Debt consolidation loans can help consumers consolidate their debt into one payment with a lower interest rate.
Debt consolidation has many different benefits. By providing borrowers with one monthly payment, a lower interest rate, and a set amount of time to pay it off, debt consolidation lenders allow consumers to manage their expenses and gradually climb their way out of debt.
Homeowners can also use the equity in their homes to pay off their holiday debts. This is where owned property is used as collateral, which in turn can give a homeowner access to their equity allowing them to make big purchases or pay off debts. Homeowners who want to consolidate credit card debt due to high interest rates and multiple bills should consider this option to manage their holiday spending.
Contact us Today
If you have accumulated credit card debt over the holidays and could use some extra money, contact us today. We can help consolidate all debt into one payment and reduce your interest rates. You can also use our home equity calculator to calculate the amount of available equity in your home.