The holiday season has a way of sneaking up when we least expect it. It's almost as though, even though we have it marked on the calendar, we get so caught up with life that the season of giving just takes us by surprise.
We see over 30% of Americans fall into "Christmas Debt" every year. These days, a sizeable amount of these people are actually carrying Christmas Debt from at least a year ago. Honestly, how can we blame them? The exponentially rising cost of living spans across everything, so of course our gifts are going to cost more too.
So how does this Christmas Debt happen?
Everyone's situation is different. You may not feel obligated to gift every friend you interact with. Many parent's can't bear the thought of spending the holidays without having anything to give to their children. Some people just love to give so much that they end up hurting themselves through a pure lack of budgeting. Many have found that there are just so many struggles throughout the year that they want something special to come out at the end of it. That, or at least something to put a smile on others faces, who they know are struggling too.
How can we avoid holiday debt?
Much of debt avoidance is about being real with what you can afford. It's hard to prioritize a tight budget in a time which is mostly about giving to other people, but there's a lot of value in taking care of yourself before going out to provide for others. Those who truly care for you should still be around if you have to swallow your pride and explain that, after such a tough year, you may not afford to be so Merry this Christmas.
If you find there's some room to spend on gifts, do your best to stick to the budget. Remember that overspending is a slippery slope. Do your best to research different options for the types of gifts you want to buy. Often times, the first place you shop isn't the most affordable.
Picking up a side job may be a reasonable way to get past the holiday season as well. Many of these side hustles provide flexibility when it comes to your schedule, such as Uber, where you can drive when you want, or selling things on sites like eBay or OfferUp for some extra cash.
What if I'm already overwhelmed by my debt?
Many debt relief solutions are available for those who just can't seem to keep up with their monthly debt payments. Though time consuming, your debts are negotiable. If you're starting to miss out on payments, consider contacting your creditor to work out a hardship plan, or negotiate a lower debt amount to pay off.
It can be difficult to achieve the desired results on your own when it comes to debt resolution. That's where debt relief companies such as Curadebt can be helpful. With your authorization, a debt relief company can negotiate with the banks FOR you, leaving you out of all the back and forth, but still giving you the authority on what settlement arrangement you are willing to accept.
These settlements will lower your monthly debt payments drastically. Before I started my debt relief journey, I was paying over $800 a month. After signing up, I'm saving more than $200 a month, that I can use to get ahead on my payments, or buy gifts for my family this Christmas.