The end of the calendar year is a time of celebration for many faiths the country over. Connecticut residents may be tempted to overspend during the holiday season in an effort to spread goodwill and generosity to friends and family, but this can also land them in a serious debt problem moving into 2018. Thankfully, debt relief options are available that range from consolidation to bankruptcy.
Many people use credit cards to make purchases above and beyond what they might be able to immediately afford during the holiday season, but this can be a debt trap. Once the holidays are over, the “credit card hangover” can kick in, causing interest to pile up in the new year. For households that were already handling debt issues, this can make an existing problem even worse.
The best way to start on a debt relief program is simply to stop spending money. While post-holiday sales might seem tempting and even like a good investment, some experts suggest households take the money they had planned to spend on them and use it to pay down existing debt from the holidays. Obviously, this is not an immediate fix for everyone, but it is good practice moving into a new fiscal year.
Debt is no laughing matter, and while some of it can be accrued through the best of intentions, it makes the weight no less burdensome. Connecticut residents facing insurmountable debt have debt relief options available to them. Chapter 7 bankruptcy can wipe away existing medical and credit card debt along with other financial obligations, allowing a household to recover from the holidays and move into 2018 on stronger financial ground.