People love giving during the Christmas season, but what people don’t love is seeing their credit card statements come January. On average, places offering consumer debt help see a 25 percent increase in the number of people seeking help in January and February, and most of that traffic is propelled to their doors by holiday bills.
As I’ve said before (most recently in my “Credit card debt – What to do if you’re struggling” blog post) a lot of people get by, paying the minimums on their credit cards. The problem with holiday shopping is, once those bills are added to your regular credit card bills, all of a sudden, paying the minimums is no longer affordable.
You obviously can’t go back and undo your Christmas spending. But you can learn from it.
It’s important to budget and plan ahead at Christmas time. Start shopping in the summer, or earlier. Purchase next year’s Christmas wrapping and décor during boxing week when the stores are trying desperately to get rid of Christmas items.
If you absolutely need to use your credit card for Christmas shopping, have a goal date in mind as to when you want to have it paid off (preferably within 30 days, but if it needs to be longer, stick with your goal).
If your credit card issues are solely because of holiday spending, it shouldn’t be difficult to figure out some ways to gather up a little extra cash. Try eating out less, taking a lunch to work, making coffee at home even getting a weekend job.
The important thing is that you don’t let your credit card debt get away from you. If you’re struggling, seek help sooner rather than later. You may just need budgeting help or you may need to consider making a consumer proposal. You won’t know until you ask.
