As the holidays quickly approach, the struggle of giving quality, personalized gifts to friends and family with a price tag that fits your budget is sure to arise for many. Especially if you have children or young relatives, you want to give them a gift they can brag about, or at least be able to proudly proclaim to friends what he or she received.
It may not be surprising to learn that many individuals go into credit card debt to pay for holiday gifts. Last year, 56% of shoppers incurred credit debt, up from 48 percent a year earlier. Prices for any gift or necessity for the holiday season seem to be greater every year, and being able to give the perfect gift becomes harder and harder.
The PNC Price Index calculates the items in the classic song “The Twelve Days Christmas” each year. Findings for 2017 revealed a slight rise in price for these items from last year. There was a notable difference between buying these items online and in stores to accommodate for shipping costs.
If anything, expectations for the holidays from year to year are equal or increased: Bigger and better seems to always be the goal. With the noted increase in prices across the board, this combination becomes harder and harder to sustain. While going into credit card debt can be problematic, according to the survey, many find it to be worth it.
If you find yourself facing significant credit card debt, it may be in your best interests to speak to a lawyer. He or she can help you get creditors off your back and present realistic and effective options for debt relief.