Goodbye Money Plans Hello Holiday Spending

It's8217;s that time of year. Ten months ago people had plans to get out of debt but now those plans are forgotten. Today plans include costumes and candy, shopping and traveling, and eating and entertaining. People are holding out hope that they can make it through the holidays before they max out their credit cards.

This is an especially dangerous year for consumer debt. Many consumers have already tapped their home equity so another round of debt will send them into bankruptcy or lead to a foreclosure on their home.

Berry Enloe, founder of moneymakesadifference.com says, 's8220;Forget the statistics about home foreclosures, and bankruptcies. The fact is that many need to develop good money habits.'s8221;

Bankruptcies were up 30% in 2005 in anticipation of the new bankruptcy laws. Before that, and continuing this year, people have been tapping their home equity or using other types of debt consolidation. Enloe says, 's8220;Majy of our members are already in credit counseling programs or have second mortgages.'s8221; He says that people have no understanding of where they are financially, 's8220;They just look for a quick way out and don's8217;t change long term behaviors. They think their money habits will just change themselves's8221;

To avoid extreme financial conditions people need to plan now for the holiday months. Start by cutting back now. Eat out less often and less extravagantly; start buying gifts now so that they don's8217;t have to all be purchased at once; and don's8217;t make any large purchases. Also remember that kids don'st play with toys long. There are many cheap gifts that would be just as well received as more expensive ones.

Another good idea is to check pay withholdings. Families who got a refund this year can reduce the amount of federal or state taxes they have taken out of their check. This will add some extra funds to their take home pay and keep their credit card debt that much lower. Enloe agrees with that strategy but warns, 's8220;Don's8217;t spend more just because you are taking more home.'s8221;

So when you are shopping for gifts to open remember that you's8217;ll also have credit card bills to open too.




Goodbye Money Plans Hello Holiday Spending



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