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Holiday shopping debt remains a concern for many

On Behalf of | Dec 28, 2020 | Bankruptcy

The holiday season is a time in which many individuals in Georgia and elsewhere may be preparing to spend time and exchange presents with their family and friends. During this season, it might not always be easy to keep track of the costs of buying presents or traveling. As such, some individuals might be wondering what they can do to keep holiday shopping debt at bay or their available options for relief should financial hardships arise.

Since holiday shopping debt can build up quickly, finding ways to mitigate the possible repercussions of overspending during this season could prove imperative. Some options that may be helpful in achieving such a goal could include:

  • Caution with credit cards: While credit cards may provide immediate aid for one’s gifting endeavors, the ramifications of such a decision could prove disastrous once the bill comes in.
  • Creativity with gifts: Being creative with gifts could also help ward off holiday debt and gifts that show thought and ingenuity may even prove more meaningful to the receiving parties.
  • Selective with purchases: While the idea of checking off a shopping list as soon as possible may be enticing, being selective with purchases and seeking out bargains could prove more financially favorable.
  • Budgeting with travel plans: Addressing travel costs and finding ways to reduce expenses could also be essential to keeping debt at bay while visiting loved ones.

While saving for the holidays or seeking additional sources of income during this season may be helpful in staving off debt, such options might not always be preferable, or even possible.

Holiday shopping debt continues to prove a major concern for many families and the effects of such hardships could pose a significant threat to one’s financial well-being. Individuals who exit the holiday season with high levels of debt and wish to know more about their available options for relief could benefit from speaking with an attorney for advice in choosing a path. A bankruptcy attorney can help a client in Georgia create a plan to reduce or eliminate debts and provide guidance on how to avoid similar challenges in the future.