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Don't take on unnecessary holiday debts you can't afford

This is a time of year when many people want to go out and purchase gifts for their loved ones. You might fall into the temptation of putting it all your credit card, but this can be dangerous if you aren't careful with how you handle those bills.

You must be able to use credit responsibly if you are going to put your purchases on a credit card. Try to find a low-interest or zero-interest card that will enable you to pay off the balance before you are hit with higher interest rates. Set a plan for how often you will make payments and what those payments will be. Try to have the balance paid off before the interest rate increases.

If you don't think that you can use your credit card responsibly or are worried about how you will pay the balances off, think about alternative options to store bought gifts. Think about options like a free house cleaning or night babysitting. Those don't cost you anything and might make a big impression on the recipient. Handmade gifts might be an option as long as you can afford the supplies.

For individuals who are already swimming in debt, the holidays can be especially difficult. You might come to realize that you need to do something to get things under control. One option that you have is to file bankruptcy. While this might not help you afford gifts for this holiday season, getting your case filed now can help you to be in better financial shape by next Christmas.

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