Don't Get In Debt For Christmas

Well most of us are already in debt, and Christmas is definitely not going to help. This article has some good advice for handling debt and the holiday season...

One thing that really upsets me each January is hearing how stressed a number of Fool readers become after overspending at Christmas.

Although the festive season is a wonderful time of year, all too many of us get carried away with the parties, Christmas meals and the wish to buy lavish gifts for our loved ones, meaning that we start the New Year in that dreaded word, debt. And of course, with many of us being given ridiculous credit card limits and overdraft facilities it's all too easy to spend more than you earn.

What's more, I know a number of people who have only just paid off the debt accrued last Christmas this month - but are ready to wield that credit card and start all over again!

But just take a moment to take a deep breath before you hit the shops to do your Christmas shopping. Are you already in debt -- and by that I don't mean mortgage debt? Do you have an outstanding balance on your credit card, or are you paying off a personal loan or overdraft?

If the answer is yes, it's time to think carefully before spending any more. Remember, the more you owe, the more interest your debt will accrue and the longer it will take you to pay it off. And I don't know about you, but I absolutely hate owing any lender any money -- and knowing that the interest I'm paying them is effectively going into some overpaid director's bonus!

There is a lot more information in this article which can be found here.