Not everyone is prepared to enter the holiday season and throw caution to the wind with regard to their spending? How about you? Are you prepared to take on new debt during the “most wonderful time of the year?”
We all know that the best time to raise you debt is during the holiday season. It’s a time when companies offer deals that are just too good to pass up. It’s time to shock your loved ones with how gracious a gift giver you are. It’s time to be the consummate consumer, to spend money, even when you don’t have it! So are you prepared to fall into debt this season?
The Co-operative Bank recently ran a survey to see how willing Americans are to run up their debt in the name of Christmas cheer, and the results are promising.
A whopping 70 percent surveyed said that they will be reducing how much they spend by cutting back on the more lavish expenses.
24 percent said they wouldn’t be spending as much as they normally would on themselves,
28 percent said they would be cutting back on gifts for friends and family,
and 29 percent won’t be spending so much on Christmas parties and going out with friends.
The website Think Money had this to say about the survey:
“Christmas is the time of year when people may be most likely to get into debt, simply because there are so many costs involved. But this survey shows that people are making a real effort to avoid getting into debt this year. For most, it shouldn’t` be necessary to get into debt to cover Christmas. Making sensible decisions about spending can be all it requires to stay in the black and still have a good time. Those who do choose to borrow money should choose their method of borrowing wisely. For example, a 0% interest credit card could help them to avoid paying any interest, as long as the balance is repaid on time. But anyone already struggling with their finances should avoid debt entirely, as it could make their problem a lot worse. Instead, they should discuss ways of improving their situation with an expert.”
So what did the people surveyed answer to the question that is the heading of this article? 60 percent said they were unwilling to run up any further debt. Not as high as it should be, but it definitely offers some hope. You don’t have to run up your debt for the sake of Christmas. Have a good time, buy the turkey and the pies—the essentials, and just make sure that when you spend money, you have it.