Holiday Debt Settlement

Holidays are expensive. Based on a report from a recent survey by,
an average Canadian spends $1,000 in a single holiday season only on drinks, food,
travel and gifts.

Another study by PC Financial supports this report by claiming that 77% of the total
Canadian population agrees with the notion that holidays are expensive, and
sometimes, the expenses exceed the budget.

Despite this common belief, adopting pocket friendly habits can help you track your
budget. This article outlines some of the tactics you can adopt to achieve this. Don’t you think it’s wise to be real and face off the debt that keeps dragging you in the mud? This is inclusive of the proportionally smaller debts ‘we’ carry into the holidays. To get an accurate sum simply calculate that huge figure. From this point, you can approximate how much loose income can be pooled together each month to pay off the debt. Dividing monthly extra cash, with the total debt should give a rough estimate of the months it may take for you to clear up the entire debt. You may be struggling to pay off your debt but always remember to start off by clearing up the largest interest rate debt. Also, consider using lower interest loans to pay your credit card debt right away. This will help slash off your payments. If you realize the amount on the higher interest debt is distressing, consider credit counselling so you can consolidate your debt. Among the many gifts we receive during Christmas, quite a good number remain lying in our stores lacking any proper use. Instead of filling up your cabinets with junk, exchange them for cash, gift cards or auction them in the online classifieds and Facebook buy and sell groups. You can use ‘these’ cash to pay off some portions of your debt. This is the time to enjoy the free resources lying in your compound. Cook your meals using the foodstuff you already have, get some little but, effective exercises, walk to the bus and bike to your workstation. Students really understand how to make things happen by using very little amounts of cash. Challenge yourself by trying out this lifestyle; i.e. going for free entertainment, skipping light meals, staying indoors and cooking for yourself. Only consider going shopping once you’ve put under control, your consumer debt. Finally, to avoid bumping onto similar mistakes you’ve done before create a visual reminder. E.g. photocopy your credit card for the month of January and have it packed strategically on your decorations. It will put you on red alert on the level of damage you can possibly cause within a short duration and also help you stay on track with your budget.