Tips to Avoid Going into Debt Due to Vacation Spending

JACKSON, Mississippi (WLBT) – November holiday spending is set to break retail shopping records. Will that put you in the red when the bills come in next month?

Financial experts say you can avoid this if you stay on a budget and don’t be tempted to charge for these freebies.

Time is running out for shoppers looking for those last minute freebies. This holiday season, the National Retail Federation reports that spending will be the highest on record.

Buyers are estimated to spend between $ 834 billion and $ 859 billion, up 11.5% from 2020.

If you are heading to the store, Ryder Taff Financial Advisor suggests that you avoid applying for high interest store credit cards that prioritize when using your credit card.

“Some people also have mortgages, student loans, and car payments,” Taff said. “It will be really important for these people to say, ‘Okay, I’m going to have the minimum on my mortgage and my car payment so that I can tackle the consumer debt that’s hurting me more, and I have to do it. faster.'”

If you’ve already charged more than you should, talk to the credit card company.

“They are often willing to negotiate a payment plan for larger expenses,” the financial planner said. “They are often willing to negotiate a lower interest rate and waive fees in exchange for a fixed payment plan. “

That trip, hotel room, gas and more will add up if you haven’t saved up or budgeted. But Taff says all is not lost.

“Wages are also increasing and there are a lot of job opportunities ahead. So I hope in the new year you can negotiate a higher salary, ”Taff added. “You will have a higher income and more employment opportunities to help pay for this expensive vacation that we just experienced. “

Experts say don’t feel like you have to blow your budget just because the family is getting together this year.

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