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Surviving Debt This Holiday Season

Author : Jim Brown

Are you feeling stressed this holiday season? A lot of people are, and if you're in debt that stress can be even worse. When the credit card bills pile up so does the stress. As a bankruptcy attorney I meet a lot of people who don't so much have problems providing for their families during the holidays as they do dealing with the bills afterward. If this sounds familiar to you check out these three simple tips to keep the weight of debt off your shoulders this holiday season.

Be Prepared
If you're facing this predicament you'll need to set a budget to set a limit on your spending. When should you start making this budget? Right now! December can be a hectic month. If you haven't prepared a budget by then you might not have time to. Then you may end up overspending, if for no other reason than it'll be easier to buy something just to get it out of the way. If you create your budget now you will have plenty of time to look for those bargains and buy the popular items before they're sold out.

2)Involve Your Family Entertaining a lot of people? A big family can mean a big dinner bill. Try putting together a potluck dinner this holiday season so that everyone can pitch in. You also may have to buy a lot of presents if you have a big family. An effective way to cut costs on this front is to arrange so that everyone draws names and buys a gift for one other person. You can also cut down on decoration costs by having your kids do some arts and crafts projects.

3)Forget the Card No not the Christmas cards, your CREDIT cards. Remember that it's easy to lose track of what you spend on a credit card. Just because you are on a budget doesn't mean you won't overspend. After interest and fees are applied you might be surprised how much you spend this holiday season. If you're already trying to get out of debt why would you want to add even more to it anyway?

People in serious debt may think it makes sense to coast through the holidays and then declare bankruptcy after they've incurred a bunch of credit card debt. This might not be true however. One of the benefits of filing Chapter 7 bankruptcy is getting rid of your credit card debt. Your creditors may be suspicious if you spend a lot on your credit card just before filing for bankruptcy. They may even try to sue you during bankruptcy if they believe you never had any intention of paying them back. What would they be suing you for? Bankruptcy fraud! They'll argue that your debt should not be discharged and then accuse you of bankruptcy fraud.

If you're worried about debt this holiday season you shouldn't wait until it's too late. Putting it off until 2011 may seem easy, but it's only a short term solution. You should look into all of your options.

Author's Resource Box

Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, Get Out of Debt: Secrets Your Creditors Dont Want You to Know. You can request a free copy at

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Tags:   St Louis bankruptcy attorney, free initial consultation, credit card debt, spending tips for the holiday season

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Submitted : 2010-12-16    Word Count : 1    Times Viewed: 429