Connecticut Credit Card Debt: Cancel Christmas? Many Say Yes!

The holidays will soon be upon us and with them, the high likelihood of credit card debt. Reports show that credit card debt has risen by 4.9 percent just from the months of July to September of this year. Last year around this time, over 14 percent of Americans stated they were still paying off the debt they incurred from the prior Christmas. If the same trend occurs this year, it could very well land some Connecticut Christmas shoppers in debt that could be hard to get out of.

Although Christmas is a time to be with families and other loved ones, the gift giving aspect of the holiday can be a major headache for consumers. When asked, 45 percent of Americans would rather skip over the holiday altogether. The reason for this Scrooge-like attitude? Financial concerns they have to deal with after the holiday and, for some, most of the upcoming year.

Retailers aren't helping either. Consumers are bombarded with advertisements about Black Fridays, and some have even gone so far as to open their stores on Thanksgiving to give shoppers even more time to land themselves in debt. While using a credit card to Christmas shop can be suspiciously pain-free, the headaches begin once the statement is received in the mail. After the rush of shopping and gift-giving, it is surprising how much those purchases can end up costing you, both financially and emotionally.

Connecticut consumers don't have to completely avoid the holiday rush to keep themselves out of debt. Being frugal and using cash can certainly help to avoid the urge to pull out the plastic. Those who are still in debt from last year though could probably use some help. Bankruptcy is a viable option for consumers who are buried under mounds of credit card debt. Filing for the protection that bankruptcy can offer is a way to discharge some of those debts and clean your financial slate.

Source: Deseret News, "In our opinion: Christmas credit card debt a tradition we could do without," Nov. 26, 2012