In 2014, “NerdWallet reports the average U.S. household credit card debt is $15,608 this holiday season.”
The holiday season is the time for giving and spending, which gives impetus to the holiday debts. Coping up with a debt hangover is strenuous. But if you take proper steps, then it can also be avoided.
10 Secrets to avoid holiday debt
Christmas and New Year are just a few days away. Well, haven’t you made any plans yet? If yes, then have a look at the secrets of enjoying this holiday season while you avoid the debt lag:
# Secret 1: “Monitor credit reports and keep a safe distance from identity thieves”.
Identity theft tops the FTC’s national ranking of consumer complaints. Last year, millions of personal and credit data were hacked. This happens more during the holidays, as we don’t check our credit reports much.
So, if you want to keep your finances intact, then do check credit reports during the holidays too. Don’t hesitate to call for help if you believe that you’re a victim of identity theft. .
# Secret 2: “Stay away from competition”.
Suppose, your friend had given you an expensive gift for Christmas last year. So, this year you need to gift something more expensive than that. Is this what you’re thinking? Never do this. It’s unsafe! .
# Secret 3: “New way of giving gifts”.
This is a cool idea you can try for this year’s holiday season. Instead of buying smaller gifts for every family member, . Or, you can . This’ll also save your dollars.
# Secret 4: “Don’t forget to compare the prices”.
This is one of the prime secrets to remember. Never shop till you compare the prices. Compare prices on the Internet or the stores before you buy. If you’re making an online purchase, then don’t forget to compare the shipping fees ahead of completing your purchase.
# Secret 5: “Use unused gift cards”.
Search your wallet and dig up your wardrobe for unused gift cards if you’ve any. If you can find out something like this, then use them quickly before they expire. That’s a sheaf of extra cash!
# Secret 6: “Find out the cheapest days to fly”.
Booking air tickets just before the holiday season can cost you huge. Do your research and find out the right days to fly this season. Also, look out for any great deals during the holidays.
According to hopper.com, “customers can save up to 30% by departing on December 21, the Monday before Christmas, or on Christmas Eve. In contrast, the most expensive days to travel around the holidays are the weekends after Christmas (Dec 26-27) and New Year's Day (Jan 2-3).”
# Secret 7: “Spend less on luxury items the rest of the year”.
Another way to cut off your expenses is to put a hold on your luxury spendings the rest of the year. , , .
# Secret 8: “Take advantage of the credit card rewards”.
There are credit cards that offer special rewards during the holiday season. So, avail every opportunity that comes your way this holiday. You can also take advantage of the cash back credit cards. They’ve high reward balance to cover all your gift purchases.
# Secret 9: “Try to shop solo”.
Do you get influenced by others easily? If so, then consider shopping solo. Group shopping can easily make a hole in your wallet. So, shop solo while you avoid debt.
# Secret 10: “Take up a part-time job”.
Instead of trying out the ways to avoid debt, you can . During holidays, the demand for labor is high. So, search for opportunities to earn extra cash.
Do you have any other golden secret to avoid debt during the holiday season? If yes, then don’t forget to share.