{"id":10606,"date":"2025-02-22T19:40:18","date_gmt":"2025-02-22T19:40:18","guid":{"rendered":"https:\/\/finderica.com\/?p=10606"},"modified":"2025-02-22T19:40:18","modified_gmt":"2025-02-22T19:40:18","slug":"avoid-holiday-debt-while-keeping-the-yuletide-gay","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=10606","title":{"rendered":"Avoid Holiday Debt While Keeping the Yuletide Gay"},"content":{"rendered":"\n
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Chris Zuppa\/The SS<\/figcaption><\/figure>\n

Don\u2019t let the holiday spirit last all year long.<\/p>\n

Sorry, I meant don\u2019t let the holiday debt<\/i> last all year long.<\/p>\n

It\u2019s tough to resist the temptation to spend your way toward making this a fa-la-la-labulous holiday season for everyone you love, but you could be paying for it long after the last jingle bell rocks.<\/p>\n

As it turns out, we\u2019re a country full of seasonal spenders.<\/p>\n

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We Dare You to Take Control of Your Debt<\/h3>\n

Up for a debt challenge?<\/p>\n

In 10 days, these 10 practical steps<\/a>\u00a0could help you get back on the right financial track.<\/p>\n<\/div>\n

According to a new poll from CreditCards.com, 61% of respondents who already carry a credit card balance said they\u2019re willing to add to it to stuff stockings and put more packages under the tree. And three in five millennials said they\u2019d be willing to go into the red \u2014 and we don\u2019t mean Santa\u2019s suit.<\/p>\n

Wondering how you can wander in a winter wonderland without winding up in debt? We wrapped up a few of our favorite holiday debt-busting tips to help you hold onto your Rudolphs (Get it? Rudolph was a male deer aka\u2026 a buck? OMG, somebody stop me.)<\/p>\n

More from The SS: <\/strong>The 5 Top Apps for Saving Money in 2024<\/p>\n

1. Make Money, Not Debt<\/h3>\n

It\u2019s your first holiday away from your family and friends, so you\u2019re feeling like drowning your sorrows in a little retail therapy. Ho, ho, hold it there. Instead of letting yourself spend your way out of the holiday blues, why not make the most of your time by earning some extra cash over the holidays? Instead of swimming in debt come the new year, you could be using your hard-earned dough from a seasonal part-time job to plan a tropical vacation.<\/p>\n

2. Set Limits on the Gifts<\/h3>\n

Rather than letting your holiday spirit guide your purchases, consider creating a budget this season, starting with assessing how much debt you already have. And sure, you say, you can reason with the adults about fewer gifts, but what about those cherubs with visions of digitally enhanced, animatronic sugarplums dancing in their heads? By instituting a new holiday tradition \u2014 like this four-gift rule \u2014 you can enjoy the wonder in a child\u2019s eye this season without suffering the pile of holiday debt on your credit card come January.<\/p>\n

3. Don\u2019t Drink and Shop<\/h3>\n

After a couple (OK, six) glasses of eggnog, you might be feeling less inhibited about splurging online. No shame \u2014 nearly half of all imbibers admit to shopping while sipping \u2014 but that holiday hangover on your credit card statement won\u2019t be cured with a couple of aspirin. Consider switching to the less boozy \u2014 and cost-effective \u2014 holiday mocktails. You\u2019ll still get in the yuletide spirit but you won\u2019t have to worry about being haunted by the ghost of drunken holiday shopping past.<\/p>\n

4. Let It Snow<\/h3>\n

After scoring some holiday sales, you may feel like you\u2019re sleigh-ing in the debt department \u2014 right up until the post-holiday statement reveals how many last-minute purchases you made. Instead of paying and forgetting, play a little elfen mind trick on yourself to get a jump on your post-holiday bills.<\/p>\n

Every time you snag a sale \u2014 for instance, that ugly Christmas sweater you found for $30 instead of the regularly priced $40 \u2014 immediately send the extra cash you saved ($10 in our example) to pay down your credit card bill. It\u2019s called the debt snowflake method, and the key to it is scooping up those mini amounts of money before they melt away into your next purchase.<\/p>\n

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Drowning in Expenses?<\/h3>\n

Maybe you\u2019re scrambling after your car broke down. Or you got a medical bill you weren\u2019t expecting. Or inflation has finally pushed your budget over the edge. Take a breath. You don\u2019t need to go it alone.<\/p>\n

When money is tight, these resources<\/a> can help you manage unexpected expenses without stress.<\/p>\n<\/div>\n

5. Dance Your Debt Away<\/h3>\n

If you already know that you\u2019ll be up to your Santa boots in bills by the end of December, but you also know you\u2019ll be back on track, budgetwise, come New Year\u2019s Day, consider doing the balance transfer dance. The steps are even easier than rocking around a Christmas tree: Find a credit card offer with a 0% introductory rate, then transfer your balance and get the debt paid off before the introductory period ends.<\/p>\n

And after you wrap up that credit card debt, you\u2019ll be back to your holly jolly self.<\/p>\n

Read on:<\/strong><\/p>\n

Tiffany Wendeln Connors is a former managing editor at The SS.<\/i><\/p>\n

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