How to Avoid Debt During the Holidays

The holiday season is practically a garden of opportunity for debt. There are mountains of sales, presents and decorations to buy as well as trips and dinners to pay for. It can be an overwhelming time for anyone who's trying to avoid acquiring (more) debt. It can be hard to see through the holiday fog so I'll share with you a few tips I've learned to live by around the holidays. If you or a loved one are already struggling with debt, contact a los angeles bankruptcy attorney to help you out of it!

 

The first thing I suggest is to avoid loans as much as possible. If you're absolutely broke and need some help to make a small (but satisfying) holiday, a small loan is understandable. However, don't jump at every $200 loan offer! Loan businesses know people are in need for the holidays so they'll be tempting you with promises of large sums of cash. What you won't pay attention to is the interest you'll have to pay on it and the enormous fees you'll be stuck with if you're even a single day late. Before you know it, you'll have a mess of debt to deal with after the season is over.

 

Another suggestion I often make is to avoid layaway. When you use layaway, it's easy to forget about the money that you owe. In your mind, you're thinking "Okay, I got Susie a Furby and I still have $200 left over for gifts! Awesome." Before you realize it, you've spent that extra money without remembering that you still have layaway to pay off!

 

The final thing I stress during the holidays is not to overspend. Easier said than done, right? What I recommend is to make out a budget of what you need to buy for the holidays and then if there's money left over after all of the necessities are taken care of, use it carefully and responsibly.

 

Though many people think otherwise, holidays are not an excuse to forget your responsibilities and go crazy with cash! Take care of the things that you need first. If you're getting into the holiday spending mood, take a step back. Remember to avoid loans as much as possible, stay away from layaway and don't spend more than necessary. You'll be able to make it through the season without swimming through a sea of debt.

This is a sponsored post however, all the points and views are my own.