The holidays: While for many the days are filled with family traditions and building memories, for others the entire season is just stressful as they wonder how in the world they are ever going to pay for the gifts they charged this year.
These worries come after we hear about how the economy is getting better. And while it is true that things are slowly starting to rebuild since the recession, many Florida residents are still struggling. Many, who were not affected by the recession, are also struggling now more so than years past.
According to a FICO phone survey, more than half of the 2,400 asked planned on using credit cards to pay for this year’s holiday gifts. Some planned on using the credit cards only for the most expensive gifts on everyone’s wish lists, while others planned on relying on their credit cards 100 percent. Either way, more credit card debt can be a stressful way to start the new year.
Of those asked, many also plan on spending less this holiday season than last year. And, only 20 percent plan on opening new lines of credit.
For those among the many that are realizing now just how much debt they really do have, now may also be the perfect time to start to look into what debt relief options are available. For example, in some cases, debt consolidation may be the best bet, while in others discharging debts through bankruptcy will help to secure a financial future.
Source: ABC News, “Credit Card Debt Is Top Worry, Survey Finds,” Abby Ellin, Dec. 6, 2012
- Debt situations are very unique and there is not necessarily a one-size-fits-all approach for everyone. To learn more about debt relief, visit our Florida credit card debt page.