After holiday gifts are opened, the credit card bills remain

Most everyone in Florida loves the holidays. People are often in better moods, there are parties to attend and gifts to give and receive. However, the joy of the season can quickly become despair when the holidays are over and the credit card bills come in the mail.

Many people are caught up in the joy of giving only to have buyer’s remorse in January when they realize they are unable to pay off the bills right away. Interest charges, late fees and fees for going over the credit limit only add to the balance. If the balance is carried from month to month, these charges and fees will only make it more difficult to pay off the bill. While those holiday balances are left unpaid, there is less credit available if there is an emergency.

No one intends to fall deeper into debt, and many vow to pay off the balances right after the holidays. Unfortunately, life often has other things in store. Depending on the circumstances, it may become nearly impossible to pay not only credit card debt, but other debts as well. Not only is a person’s credit score impacted, but his or her quality of life can be affected also.

When it becomes obvious to Florida consumers that they will be unable to pay their credit card bills, it may be time to look into debt relief options. One of the most overlooked yet available solutions is bankruptcy. Having the ability to discharge debts and start fresh financially can be the best gift people have to give to themselves and their families.

Source: buffalonews.com, Holiday debt can turn joy into sorrow, Samantha Maziarz Christmann, Nov. 18, 2013