‘Tis the season for debt

Every year holiday spending per consumer goes up and much of that spending ends up as credit card debt. Shedding that holiday debt is harder than shedding extra holiday pounds.

At the holiday season it is hard for even debt-wary and credit-savvy consumers to avoid over-spending. It’s not easy to resist buying that special gift for that special person.

The best way to finance your holidays has always been the Christmas savings account. Saving for your holiday spending throughout the year and not relying on credit cards with high interest rates could end up saving you hundreds of dollars over the course of repayment.

The interest on these accounts is minimal, so don’t plan on making money. The discipline in saving ahead of time is a good exercise in financial management and the peace of mind you will have when you pay for your holiday expenses without running up credit card debt is priceless.

Next year, plan on saving for Christmas a little bit at a time. Contact a banking institution about their holiday spending account plans.