Thompson Law Group, P.C.

Holiday shopping could add to credit card debt

The holiday season puts a lot of pressure on Pennsylvania residents. People are expected to participate in work events, attend parties and exchange gifts with both family members and friends. Even if someone is doing his or her best to cut back on spending and get debt under control, societal pressure can make it much easier to slip back into credit card debt.

Experts believe that online purchases are likely to hit around $144 million this 2019 holiday shopping season, which would break past records. Total holiday shopping is expected to be much higher. Unfortunately, some of the consumers who are making these purchases do not have the cash on hand to do so. Instead, they will rely on credit, including store credit cards. 

Despite a recent Bankrate survey that showed 40% of participants carrying credit card debt feel more burdened by debt than in the last 10 years, a lot of holiday shoppers will still use credit to purchase gifts. This willingness to take on new debt is probably related to the low unemployment rate, especially when compared to 10% in 2009. Credit cards that are in default are also much lower than they were a decade ago.

There is no single cause of debt, and people living in Pennsylvania might find themselves in over their heads for any number of reasons. Since there is a lot of pressure to measure up to certain standards during the holiday season, some individuals are more likely to take on even more credit card debt. It can be extremely upsetting to realize that certain actions might have contributed to someone's poor financial situation, but that does not mean there are no options. By deciding to file bankruptcy, someone in this situation may be making better financial decisions for his or her future.

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