Holiday shopping and credit card mistakes
Many people in Florida use credit cards to pay for holiday shopping. When a person has a big family to buy presents for, it can be tempting to use credit cards to pay for expensive gifts. However, credit cards can be dangerous around the holidays, especially for people who don’t make a lot of money or don’t live on a strict budget.
Stores often advertise enticing credit card deals around the holidays to get customers to buy big-ticket items. One of the credit card deals that stores typically offer is deferred interest. A deferred interest credit card can work out great if the cardholder pays it off before the promotional period ends. However, a person could end up in massive debt if they allow interest on a store credit card to kick in.
A person who is still trying to pay off their store credit cards from last December or from years prior may want to think carefully before opening any new lines of credit this season. With so much advertising and pressure to buy gifts around the holidays, many people don’t think rationally about their credit card spending. A person should consider how much more money they will end up paying in interest by using a credit card instead of cash. It’s also important to track holiday credit card spending and to stick to a holiday budget.
Some people are still recovering from credit card blunders that they made many years ago. Even if a person understands the importance of living on a budget, it can be difficult to get rid of old debts that have accrued compound interest. An lawyer may be able to help a person find a way to get rid of their debts permanently by applying for Chapter 13 bankruptcy.