As the calendar turns from November to December, the holiday season seems to be going in full swing. Christmas lights are already at some places and the holiday gift “potentials” are already on display. The holiday spirit is running high. You might have already put together a list of gifts to buy this year.
While the feeling of gift-giving is fuzzy and fitting for the holiday season, it’s not without its price, which at times can be very costly. That is the case for 13% holiday gifters from last year who are still trying to pay off credit card debt from gift shopping – a full year later, according to a recent survey by Consumer Reports. Can you imagine looking forward to buying more holiday gifts while you still have debt to pay?
The burden of holiday spirit sadly is not a new trend. Over the recent years we have mentioned post-holiday debt in several posts as well as collected tips to avoid debt and save on holiday gift shopping. Yet the tendency to overspend on gifts and holiday purchases still seems to take over shoppers: According to the same survey, among 41% of holiday shoppers who set a budget last year, one-third went over their limits. Much of the overspent portion was charged on credit, which for some shoppers escalated into a burden that followed them to the next holiday season.
Don’t let this happen to you this season – be a smart gift shopper! Consciously follow your budget and monitor your spending. Remember, don’ let the holiday spirit of one year become a dragging burden for the next.
See more of our holiday shopping tips here. What other tips do you have to minimize holiday spending and avoid holiday debt?