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Christmas is coming but doesn't have to involve debt

Even though most people don't want to think about it, Christmas is right around the corner. Now is the time that you have to think about what you are going to do for loved ones on that holiday. Some people will go overboard and buy gifts that they really can't afford. This is because they just didn't plan and now feel the pressure of the coming gift-giving season.

One thing that you can do is start a sinking fund to help cover the costs of Christmas. You have about four months to get as much money together as you can. Remember, every dollar that you can pay in cash is one dollar less that you will have to charge on a credit card. That single buck off of a credit card could save you a lot more than that once you remember that you won't have to cover interest and fees for the purchase if you pay cash.

If you do realize that you will have to pay for part of the holiday using credit, you need to set up your plan to pay off those bills. One thing that you can't do is plan to pay only the minimum balance due with each payment. You need to pay as much as you can each month if you want to see that balance go down.

Sometimes, a person might rack up credit card bills that they can't overcome. These individuals might pursue bankruptcy so that they can reclaim their financial future. This isn't something that should be taken lightly so be sure that you think about what impacts this will have on your entire life.

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