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How to Bounce Back from Your Holiday Debt Hangover - Cibik & Cataldo, P.C.

Holiday-Debt

Dec,18,2016

By:Mike Cibik

It goes without saying that you shouldn’t take on debt if you don’t need to. However, many residents of Philadelphia and others spread throughout the rest of PA are going to start 2017 seeking help in managing the debt they accumulated while holiday shopping. If that sounds like you, we want you to know that you’re not alone.

For many Americans, the weeks immediately following the holiday season will undoubtedly be accompanied by an influx of credit card bills and the anxiety of trying to figure out how and when to pay them off. For them, as well as others in and around Philadelphia who are seeking debt relief, we are offering the following strategies to keep things under control.  

 

Be Mindful of Impulsive Tendencies

This might sound obvious, but if you’ve ever found yourself in the throes of a debt crisis, chances are a thought like, “Well, it can’t get much worse so I might as well buy X” crossed your mind at least once.

Impulses like these are dangerous because they masquerade under the guise of hopelessness. When these kinds of thoughts enter your mind, it’s important to understand that there is almost certainly hope (you probably don’t realize how accessible solutions such as debt consolidation are; in fact, if you live in Philadelphia, PA, we can guide you through processes like these). Moreover, think about what kind of a place those impulses come from. Usually, you’ll find that the reason you’re thinking about spending money you don’t have on something you don’t need is because you want the purchase in question to make you feel better about something else — possibly the state of your financial affairs.

In summation: Think before you spend!

 

Start Saying “No” More Often

It doesn’t matter if you get invited out for a night on the town or if you’re asked to donate to a friend’s Kickstarter: You need to consider your financial means and whether or not they’ll suffer from the loss of whatever money you’ll allocate to pursuing the endeavor in question.

Don’t ever feel guilty exercising fiscal responsibility — especially if your finances are in a state of recovery. If the person attempting to persuade you otherwise asks prodding questions, know that you don’t have to reveal your financial restrictions. Instead, simply and honestly assert yourself and let them know that they are making you uncomfortable — you can even assure them that if you could participate, you would!

 

If you feel like a few new ideas aren’t enough to get your financial situation back on track, give us a call today and learn about the solutions we offer people like you throughout the area. Remember: It’s never too late!

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