POSTED: 5:21 pm EST January 4, 2012
UPDATED: 10:06 pm EST January 4, 2012
BOSTON -- Did playing Santa sabotage your finances?The season of comfort and joy is over and many holiday shoppers are now over-extended. Credit card debt is high and cash flow is low, not only from buying gifts, but all the other expenses that accumulate over the holidays.Some people hitting the stores with returns had a bit of buyer's remorse."I think it's just you feel an obligation to give gifts to people. The desire to please is what it is," said one shopper.The trick to lightening the financial load now? Deal with it quickly."If you spent $2,000 at a 10 percent interest rate, if you really buckle down and make a plan to pay it off in a year, you'll basically pay $100 in interest. But if you pay the minimums on the balance, you could end up paying more than $800 in interest for the exact $2,000 you spent on Christmas," said financial adviser Dana Levitt.Levitt offers a few tips: Create an aggressive repayment plan for old and new credit card debt, and try to transfer balances to your lowest interest card if you didn't use a low interest card for your purchases."And remember what this feeling is like. If you're feeling really bad about the holidays, pay attention to that and start thinking about what you can do differently for next year," said Levitt.She suggests designating one savings account to be your Christmas club money for the next holiday season."If you have money pre-setup, then you can have fun during the holidays," said Levitt.Another tip?Limit the amount of money family and friends should spend on gifts. And don't fall into this spending trap: When you're making those holiday returns, don't add to your debt by buying more.
Copyright 2012 by TheBostonChannel.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Source: http://www.thebostonchannel.com/money/30135584/detail.html
david nelson frank gore frank gore frank miller 60 minutes oobleck justin timberlake marine corps ball
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন