Consumers in the U.S. are expected to spend a record amount of money this holiday season. Forecasts are predicting a 5-6% increase in consumer spending with the average holiday bill totaling over $1,000 for the first time ever. Our bankruptcy attorneys have a few shopping tips to help you stay on top of your finances this holiday season.
The thought of debt can turn the holiday season into a stressful time for thousands of consumers and their families. Having a shopping plan in place and creating a budget before you begin your holiday shopping can go a long way in helping you to avoid any unwanted holiday debt. A 2017 survey conducted by Coinstar found that 65% of shoppers had a budget in place for their holiday shopping, but 77% of those individuals failed to stay under their budget. Studies have shown that creating a list and setting a budget are great for people who are trying to avoid overspending.
Deals Not Debt
Consumers are more likely to spend more when they are in a good mood and businesses will sometimes use this to their advantage during the holiday shopping season. Some sales and discounts are used as a marketing tactic to give consumers the impression that they are getting a great deal when that may not always be the case. There are plenty of shopping guides and price checkers available for free on the internet to help shoppers get the best bang for their buck, and some businesses will even match the price of a product if they do not have the lowest price.
We hope that you all have a great holiday and we wish you the best of luck with your holiday shopping.
If you find yourself wondering what life after bankruptcy would be like without all the debt hanging over your head, call Castle Law Office at 816-842-6200 or visit our website to speak with an attorney.