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Credit card debt: Tis' the season to overspend

For people already experiencing the stress of having high credit card debt, the holiday season can be a nightmare instead of magical. The pressure of buying gifts for family and friends can only add to the stress of how to pay for all of those presents on top of credit card bills you already have trouble paying.

The first thing you should know is you are not alone. Numerous Americans will find themselves with daunting bills to pay post holiday season. However, for those already struggling with debt, the added pressure can feel overwhelming. You need to know that there are relief options available for the debt you already have and there are also tips you can follow to avoid getting yourself into even more credit card debt this holiday season.

Tips to avoid holiday overspending

Credit card debt happens for a variety of reasons and not simply due to overspending. However, once you have the debt and mounting bills it is important to avoid the natural overspending that occurs during the holidays. Here are some tips to keep expenses down this year:

  1. Set a budget and stick to it.
  2. Do not open department store credit cards.
  3. Save up and use cash only for holiday shopping.
  4. Do not max out your credit cards or miss a payment in order to buy more gifts.
  5. Do not use the cash advance option on your credit cards.
  6. Consider creative and economical gift alternatives.

By creating a plan to manage your money and credit card debt, you can avoid adding on more to an existing problem. You can also start taking steps to seek relief from your existing debt this season.

Credit cards and debt relief options

People from all types of backgrounds and situations may find themselves with unmanageable credit card debt. All it takes is one major illness, pay-cut or job loss and bills start to mount. Initially, using credit cards seems like a viable option to pay the never-ending bills. However, with the high interest rates used by many credit card companies, that option rapidly becomes quicksand sinking you into a deep well of debt.

Having debt is not hopeless, nor is it insurmountable; there are options for relief. The right option for you will depend on your specific circumstances. You may be eligible to discharge your credit card debt through Chapter 7 bankruptcy, or a debt settlement agreement through Chapter 13 bankruptcy may be more appropriate for you. Contact the Law Office of Robert C. Nisenson, L.L.C., in East Brunswick, New Jersey to talk about your situation and learn more about what debt relief measures may be available to you. Call 732-518-8038 to set up your consultation and start on your path to climb out of debt.

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