How to Survive the Holiday Season Without Credit Card Debt

The holiday season is a time for family, fun, and freedom from the things which burden you in everyday life, but this carefree time often comes with credit card debt come the New Year.

With time off of work to celebrate Christmas, most people will be working hard to buy a huge range of gifts for the people they care the most about.

Of course, though, it’s not always easy to spend the previous year saving for this event, and this can leave people spending huge amounts of money on their credit card to ensure that they get all of the gifts they want to give out.

This works for some, but could be a big problem for others.

What’s The Problem With Holiday Debt?

There can be a lot of perceived pressure when it comes to Christmas gift-giving, with many people feeling compelled to spend money on their card.

It can be easy to fall into the trap of thinking that the monthly costs of your credit card won’t be too high following your big splurge.

If you couldn’t afford to save the money in the first place, though, how exactly will you pay it back with interest on top after the holiday is over?

To make this challenge even worse, sales will start in the New Year, pushing people to spend even more money on their credit card.

This can leave you in a never ending cycle of paying money into your credit card only to spend it again when you need a boost, all with the monthly payments making it even harder to save.

Is It Worth It?

To understand the true cost of a credit card, it’s worth breaking it down to show you exactly how much it will cost you.

If you were to spend $1,500 on a credit card with an interest rate of 18%, your minimum monthly repayment would be $37.50.

It would take 5 years to pay back all of your debt at this rate, costing you a small fortune in interest charges which can only be reduced if you decide to pay back your debt faster.

Of course, though, whether you’re paying the money you owe quickly or slowly, many people will continue to spend on their credit card once they are this deep into it.

This means that it would ultimately take more than 5 years to pay back your holiday credit card debt, even if you’re paying the monthly minimum.

At this point, your credit card will feel more like a prison than a tool to help you afford the holidays, with the impact of this spending having the chance to last for decades.

Finding Alternatives To Holiday Credit Card Debt

Here at Bankruptcy Canada, we have over 20 years of experience working with debt relief and bankruptcy, and are here to provide confidential and obligation advice to those struggling with credit card debt.

There are many alternatives to holiday credit card spending, even for those struggling to save.

We can help you find options which suit you, whether you’ve already found yourself trapped in the credit card cycle or are thinking of using one to cover a large spend.

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Our debt relief staff at our Peterborough office take pride in helping people with unmanageable debt become debt free.

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