Online Credit Counseling Tips

• College Students: Credit Card Debt Trap for a college student
• Instead of a New Year's resolution, make debt reduction a goal for life.
• Why is paying the Minimum Monthly Payment not enough?
• Holiday Spending: How to keep your debt load down
• Is there an alternative to debt consolidation and/or personal bankruptcy?

Holiday Spending: How to keep your debt load down

Over the holidays, many consumers have a tendency to spend lots of money. There are parties to host, family to visit, and gifts to purchase. This can be a troublesome situation if you are already in debt. It is tough not buying that special gift for that special person. Plus, you have other obligations to consider, like paying for plane tickets to visit family. How do you financially deal with these situations?

Keep a budget for holiday spending. Try to limit your spending on gifts as much as possible without over extending yourself. Sometimes, it is easy to say "I'm already in debt, what is a few hundred dollars more?" This may tempt you to spend more than you probably should. Depending on your interest rate, these few hundred dollars will translate to paying more in interest. And more debt, is still debt. You will eventually have to pay it off.

Try limit your spending by capping on how you will spend. Use the Internet to find great deals on gifts. eBay is a great resource to finding neat, personal gifts at great prices. Amazon also has tons of items on-sale. Don't forget to use on-line coupons!

A holiday budget is a great way to keep your debt in check. Additionally, a holiday budget can provide the discipline to keep a budget year round! Have an enjoyable and safe holiday season!

Posted Nov 2005 [ linkback ] return home