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Christmas is behind us and the credit card bills from "getting into the Christmas spirit" are beginning to come in, leaving many wishing they had been less indulgent.  I hear stories all the time from people who are paying for Christmas expenses all year long.  It becomes a perpetual cycle and often digs one in so deep they are paying for Christmas for many Christmas' to come!   Many American feel an obligation to provide gifts at Christmas.  It seems that the media pushes the sense that we should be providing a gift for everyone, and if we fall for that it could lead to long-term debt problems.   It is like short term pleasure and long term pain.  Once the holiday is over you are left with the credit card bills to pay, and it can quickly escalate into   worry and fear.  Your mind will become occupied with strategies about how you are going to pay for everything.  Millions wont be able to keep and and will fall behind on their credit card payments.

During the 4th quarter every year, you have probably noticed that your existing cards send you holiday promotions; extra points and cash back for spending a certain amount. Obviously the intentions behind these offers are quite transparent… they know the average American will be spending more during the holidays and they want to get a piece of the action, which possibly leads to a hangover of high-interest debt. For many, credit card debt after Christmas truly is a real problem… and those people should stop using credit cards altogether.

When people overspend, credit card issuers reap profit from consumers who pay only part of their bills. Shoppers using retailers’ branded cards tend to spend more and visit stores more.

I hope the ghost of Christmas past isn't haunting you!

Submitted by Lynda Fleming, Customer Service Rep for Integrity Mortgage & Financial Inc.