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Thursday, April 3, 2008

Why You Should Be Thinking About Christmas Now

Christmas isn't something that most people think about in April, but they should. It is amazing how much people spend each year buying presents, and a lot of it goes on credit cards. In fact I believe a major reason people overspend is because it is so easy if you are using plastic to 'pay' for it. I am filing bankruptcy cases now for people and see the Christmas charges on the statements and while the purchases may not be extravagant, many purchased more than someone in financial stress should have paid.

For people who don't file bankruptcy to get out from under the debt load, it will take years to pay off those 2007 Christmas purchases. If people started a little savings account now and put $25-$50 per pay check into the account, there would be cash to buy presents for the next holiday season. Maybe you wont' be able to afford anything big, but the security of knowing that those presents won't be causing your debt obligations to climb will be the best present you'll get.