The holiday season is upon us, and while cheer and good tidings are the norm this time of year, people throughout Nashville likely have an underlying question on their minds: "How am I going to pay for all of this?"
Unfortunately, the answer to that question for many people is to take on more credit card debt. In fact, a NerdWallet-sponsored poll of more than 2,000 adults showed that survey respondents expect, on average, to do $338 of holiday spending solely on their significant others. Those same people said they were willing to take on about $200 more in credit card debt between Thanksgiving and New Year's Day.
Everybody's situation is different, but the reality is that many people can't afford to pile on more credit card debt over the holidays or at any point in the near future. If you're covered up with credit card debt this year, then consider a few options that can help minimize the accumulation of more debt:
- Agree with your significant other to skip the presents this year; share experiences with loved ones instead.
- Talk with your spouse or partner about establishing a budget for holiday spending.
- Pull back on spending on other things in order to cover your gift-buying this year without piling on more credit card debt.
- Discuss co-purchasing a shared gift with your significant other to cut the cost for each of you.
The holidays are a joyous time to spend with family and friends. If you feel that the holidays are another financial burden weighing you down, then don't hesitate to speak with a debt relief attorney about your available legal options for making a fresh start.