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Forghany Law P.C.

Families prepare for holiday spending, debt

The holidays are typically one of the most enjoyable times of year. People often make the time to gather with friends and family to celebrate and enjoy one another's company. At the same time, debt can also become a pressing concern during the holiday season.

In order to help make the season even more memorable, people often spend significant sums of money on Christmas gifts for loved ones. Even though gift buying is often fueled by good intentions, many people might find themselves overwhelmed with holiday-related debt, particularly on credit cards.

According to a recently released Harris Interactive Poll, Americans understand the stress that comes along with holiday spending. In fact, overspending is the aspect of the season people dislike the most. Of those who were surveyed, 27 percent felt this way, while others noted their distaste for holiday crowds and overeating.

Estimates from CNBC suggest that Americans will spend at least $148 billion on Christmas-related expenses. One thing to consider, in addition to money spent on gifts, is that many people have travel expenses for the holidays as well.

Once the holidays have passed, it may be helpful for people to make an assessment of their financial situation. It may turn out that debt relief is in order. Understanding this possibility, it's helpful to know that there are options available to deal with the pressures related to holiday spending. A trusted attorney will be able to explain what can be done to find a greater sense of financial stability.

The previously mentioned poll also found that, unsurprisingly, people enjoy spending time with loved ones the most during the holidays. As Christmas and New Year's celebration approach, this spirit is what people should look forward to.

Source: CNBC, "Eight ways you'll spend $148 billion this Christmas," Kevin Kane, Dec. 16, 2013

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