4 Ways to Avoid Festive Debt This Holiday Season

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4 Ways to Avoid Festive Debt This Holiday Season
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• Its not unusual for spending to reach a
  crescendo during the fourth quarter of the year,
  and holiday shopping can take a real toll on our
  credit card balances. Because lets face it, no
  matter how much money you have in the bank,
  theres no way the holidays are being cancelled
  and friends and family are going without gifts.
  Even during the pandemic, as families were forced
  to spend the holidays apart, we spent money
  online and simply had our gifts delivered to
  loved ones.
• Unfortunately, with higher credit card interest
  rates and more people depending on credit cards
  to cover basic expenses due to the rising cost of
  inflation, the average debt load has increased
  significantly.

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• If youre worried about stacking up a whole bunch
  of festive credit this holiday season, here are 5
  tips to help you keep your spending in check
• 1. Check your credit card balance
• Its all too easy to try and ignore your credit
  card balance, but by checking it before you hit
  the mall, you can give yourself a friendly but
  pertinent reminder of how much you can actually
  afford to spend. For even more impact, write the
  figure down on a piece of paper and carry it with
  you in your purse.

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• 2. Try to control your spending
• Create a budget for festive spending and do your
  best to stick to it. While you might not be used
  to doing this, its a very effective tip for
  controlling your spending, and provided you can
  stick to it, will prevent you from racking up the
  debts this holiday season.
• 3. Pay off cards with a high rate of interest
• If you have several credit cards with unpaid
  balances, try paying off the ones with the
  highest interest rate before you spend anymore
  money. Avoid opening new store credit cards if
  youve still got unpaid debt, even if being told
  you can buy now and pay later, is a tempting
  prospect youre still incurring fresh debt,
  whichever way you look at it.

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• 4. Avoid paying with your credit card
• Theres a simple psychology behind credit card
  spending, and because you cant see the money
  coming out of an account, it almost feels like
  you dont need to take so much responsibility for
  your spending. However, this can be dangerous,
  especially if youve already got unpaid credit
  card debt as the holiday season approaches.
  Instead, try to pay with cash where possible, or
  your bank debit card. With cash, you may even
  save money by avoiding service charges from
  stores for card purchases.

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• Cancelling Christmas seems a little extreme, but
  if youve got credit card debt, it can feel like
  this is your only option. However, by following
  the tips above, you can still gift your loved
  ones and keep on track of your spending, even if
  it means tightening your belt come January!
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