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...By Anthony Bruno
The holiday season is here, Christmas is a week away. Everyone is celebrating and many are over indulging. It seems like the office parties, Yankee swaps, and holiday shopping are never ending. Be careful not to let your expenses get out of hand and land you in holiday debt.
Once January arrives, many discover they have thousands of dollars in credit card debt and no way to pay it off. One of the best ways to erase debt at the holidays is by paying cash for all of your holiday purchases. Every year at the holidays, Americans over-spend on credit cards.
We buy gifts for family, friends and co-workers. In addition to all these gifts, parties also cause holiday debt. In this last week before Christmas, when many do all their shopping and party preparations, make a commitment to not use credit cards. If it is too late, now that Christmas is a week away, plan on committing to all cash next year. Plan to use cash for everything holiday, not just the gifts.
Many fool themselves into thinking that the only thing that gets them into trouble is buying gifts, but the following list can all lead to holiday debt.
- Presents
- Christmas tree
- Holiday lights and decorations for the house
- New holiday outfits.
- Food for the holiday meal and for the potluck parties you attend
Please give yourself a gift this holiday season, make a New Year resolution to eliminate credit card debt. Use cash and not your credit cards.
