Online and brick and mortar retailers are forecasting a strong season during the 2016 holidays. Consumer confidence appears to be high as buyers flock to purchase gifts for family and friends.
What is good news for businesses may present a problem to those struggling with credit card debt. Last year, one survey revealed that consumers added nearly $1,000 dollars to their credit card balances during the holiday season.
Often times, even after deciding on a budget, consumers can get carried away during the holidays. Credit cards are the currency of choice leaving many paying off holiday debt well into the future.
Experian, a major credit reporting agency, offers consumers a few tips to curb your spending during the holiday festivities. First, make sure you have a list and try to stick to it. Leave the plastic at home because people tend to purchase more if they have a credit card, which tacks on interest if not paid off immediately. Pre-shop online or newspaper ads to find the best deals and take advantage of matching offers. Use layaway to purchase gifts gradually so you can avoid using credit.
If you are dealing with a difficult financial situation, the holidays can be stressful. With the new year right around the corner, it may be a good idea to visit with a bankruptcy attorney to determine what options you may have for bankruptcy protection so that you can turn your financial prospects around in 2017. Contact the Peoria Illinois bankruptcy Law Offices of Charles E. Covey for answers to your questions regarding Chapter 7 or Chapter 13 bankruptcy today.