overspending during the holidays could lead to bankruptcy

Jingle bells, jingle bells, jingle all the way,

Oh what fun it is to shop,

without knowing if I can pay!

Sadly,  that is how many people are “making it” this holiday season.   Our economy is on the brink of disaster,  unemployment levels are at record high levels (Although the claim is that the rate is going down.  Keep in mind that is likely because of the long-term unemployed who are no longer entitled to receive benefits, those folks are unaccounted for.),  homes are being foreclosed upon left and right.   It’s a scary world out there.

People are paying for gifts this holiday season with money they don’t have to spend.  Many will open credit card statements in January indicating that they are over the limit – and some will learn that their charging privileges have been revoked.   I’m sure there are people out there who won’t even open those credit card statements.  While it is too late for this year,  make a commitment to plan for your holiday shopping next year.

When writing your 2012 household budget, be sure to include all the gifts you’ll be purchasing for the year.  Think about birthdays, anniversaries, Christmas, weddings, new babies and retirement gifts, too!   Your household budget is best followed when you look at the entire year, and divide by the number of pay periods you have per year.  (If you are a two-income family with different pay cycles, you may want to divide your budget by twelve months instead).

If your debt is too high, and you feel that you cannot pay,  consider contacting a bankruptcy attorney.  Not only can they assist you in filing bankruptcy,  they may also be able to offer alternatives for you.

This is a sponsored post. The views and opinions expressed here are my own and have not been influenced by the sponsor.  Your experiences and opinions may differ.