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Don’t let your holiday spending lead you toward bankruptcy

On Behalf of | Nov 24, 2020 | Bankruptcy

Even if you know you’re tight on money, there’s something about the holiday season that’ll have you stretching your budget and hoping for the best once the calendar turns. Unfortunately, if you let your holiday spending get out of control, it’ll lead you down a dark path. And for some people, that could result in a bankruptcy filing.

Here are some tips you can follow to avoid holiday overspending:

  • Pay with cash: Doing so ensures that you don’t take on credit card debt that you can’t afford to repay. From food to gifts, paying in cash will keep you on track.
  • Set a gift budget: This is where many people slip up. You want to get other people nice things, so you spend more than you can afford. Protect against this by setting a gift budget. 
  • Don’t try to keep up: You know what you can afford to spend and that’s the number you should stick to. Don’t try to keep up with others. It sounds cliché, but it really is the thought that counts. It’s not about how much money you spend.

Even if you follow these tips, you could find yourself facing financial trouble as the year comes to an end and 2021 begins. 

Should you realize you need help, learn more about both Chapter 7 and Chapter 13 bankruptcy. There’s a chance that one of these could be just what you need to improve your financial circumstances. And once you do that, you’ll feel better about your ability to stay the course in the future (such as next holiday season).