Credit Card Debt and the Holiday Season

In the United States the credit card debt some consumers already have with the next holiday season upon them is shocking. It seems it is not unusual for some to owe as much as they make in one year or more on credit cards alone.

With the holiday season beginning for many who are already hopelessly in debt, some are still approaching their holiday with a credit card in hand. If a person can't pay the debts they have now, will going in debt even more be the answer for anything?

Some feel any holiday is an excuse to spend what a person does not have. Perhaps some have forgotten the purpose of the holiday they are involved in. Wanting children and others to have a happy holiday is often seen as reason enough to purchase what someone really can't pay for.

Several stores are now offering lay-away plans that will help some. A reasonable deposit on an item and small weekly payments can assure the wanted items will be available. However, someone in the habit of using credit cards may not find this helpful.

As holiday shopping continues, consumers often find they are no longer able to pay their living expenses and begin purchasing food with credit cards. Utility payments are also made with credit cards in many cases. Eventually the amount owed could overwhelm the average consumer, with no way out in view.

After the holidays are over in early 2012, the amount owed by consumers will no doubt be even higher than in 2011. Some feel not buying gifts for others this year could help, yet a compulsive shopper as well as others will not see this as an answer.

Consolidating debt is not the right answer for most. It seems those in the habit of spending what they can't afford will find the zero balance on their cards tempting, and soon have more debt than before.

Equity lines on a home can also be dangerous for some. It is easy to use the funds made available to cover credit card debt and soon have that empty plastic ready for purchases that should not be made.

Doing without really is an option many can live with. Life does not and should not revolve around things. The amount a person spends on holiday items does not make them a better family member and should not make them more appreciated.