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How to cope with debt incurred during the holidays
from:Tis the season after Christmas when all through the house, not a creature was stirring but you. Actually, you are cringing after receiving and reading your credit card bill and discovered that the total amount due has drastically increased by more than a hundred percent.
According to a survey by SpendingPulse, Americans spent eight percent more during the 2004 holidays than the year before. Most of those purchases were made via the power of the plastic card. Visa USA has even announced that credit card holders were able to spend more than thirty billion up till the Christmas week.
Therefore, the numbers could very much translate the following scenario. The average family in America had almost ten thousand dollars in credit card charges for last year and up until Christmas of this year – as they are purchasing items - they are still paying debts incurred a year ago.
How to avoid such a scenario? Simple, don't charge when you are still deep in debt. The following are basic tips you could do to not go overboard in debt and on how to cope with debt that is already incurred.
Plan, plan, plan
As early as today, start planning for Christmas. Take whatever it is that you have spent for the current year and divide it all by ten. That amount will have to be put aside each month.
Store it in an account, preferably a money market. That way, by October the following year, you are on your way to a debt-free holiday.
Remember to include in your expense list any items incurred during Christmas, these include postage, decorations, mail, foods, drinks, cards, photos, etc.
Be honest with yourself
The best way to know if too much has been spent for this holiday is that if you aren't able to pay for the first two or three months any of the bills you incurred during Christmas.
Be wise also, if you were able to pay for an item thirty percent off its price, yet it is taking you a whole year to pay it off, then your savings are off.
Assess your situation, if more than twenty percent of your salary is used to pay off debts, you need to have help.
All in all, how should one pay off everything before the new year comes? The answer is simple, stop using your credit card. Either you decrease your expenses or increase your income. The decision is yours to make, because the bills will eventually be yours to pay.
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