With Halloween behind us and it being the first part of November, the holidays seem closer than ever. With the prices of many things going up and other economic conditions, the holidays may be more stressful for many families.
Even if you are having difficulties it is important to consider it before putting a lot of extra charges on your credit cards. If you only pay the minimum payments on your credit cards, it could take you until 2023 to pay them off even if you don’t make any additional charges. If you are having trouble paying off your credit cards you may be carrying the charges from year to year if you are unable to pay off one holiday season before the next one comes along.
If you think you are getting a deal by buying items on sale or using coupons, you are not saving money if you carry a balance on your credit cards. By carrying a balance for many months or years adds a significant amount of interest to your original balance.
By paying just the minimum payments, you are barely paying the finance charges and not making much headway in paying off the principal amount.
It is difficult to cut back on holiday expenses but it may make your holidays less stressful than having to deal with debt after the holidays.
This is part of a 90 day series with tips to help make your holidays easier. Click here for previous posts.