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Holiday shopping can lead to heavy credit card debt

During the holidays, it can be easy for a Chattanooga resident to be swept up in the spirit of the season and purchase a plethora of gifts for the people they know and love. It is uplifting to see the smile on someone's face when they receive a beautifully wrapped package that contains something a loved one chose just for them.

However, once all of the paper is ripped and new toys, clothing and other items are carefully put away, holiday gift-givers may experience another less joyful holiday sentiment: buyer's remorse. It is quite easy for shoppers to spend beyond their limits when the winter months roll around. When poor consumer choices plague their holidays, people may find themselves with heavy credit card debt in the New Year.

There are ways that readers of this Tennessee debt relief and bankruptcy law blog may avoid overspending and starting 2018 in financial peril. First, shoppers should create a purchasing plan and then follow it when buying for their friends and relatives. Unplanned purchases can impose a heavy toll on shoppers who buy without a budget.

Also, shoppers may wish to limit the length of their holiday buying lists and not purchase presents for every possible acquaintance or relation. If they do wish to give many gifts they may wish to opt for homemade gifts or experience-based gifts that may be "redeemed" throughout the year which can spread out costs for gift-givers.

The holidays are a special time of year for many but when money matters become consumer concerns the magic of the season may be lost. Creating a gift-giving plan is a good way to avoid credit card debt as this year ends and the New Year begins.

Source:, "Nerd Wallet: Plan, give and spend smart to avoid holiday debt," Sean Pyles, Dec. 3, 2017

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Mark T. Young & Associates
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Hixson, TN 37343

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