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Debt management plan may be option for those who couldn't stick to holiday shopping limits
12/19/2009
Financial difficulties and tightening credit markets are causing many consumers to rethink their credit card debt, a recent survey shows.
According to a survey from those who sought auto insurance quotes from one of Experian's websites, 55 percent of respondents said that the recession caused them to try and avoid adding to their credit card debt. Furthermore, it has influenced their plans on how to pay off certain debts, as only 21 percent said they plan on having holiday-related credit card debt after January of 2010.
"This number has decreased from last year, when 26 percent of consumers carried credit card debt after January 2009 from the 2008 holiday season," the report based on the survey noted.
In order to avoid debts during the holiday, 66 percent of respondents said they plan on tying themselves to a budget while shopping, while 52 percent said they would try and find ways to save money on their purchases.
Though these strategies for debt may work for some, the reality of holiday shopping may lead some even further into debt, even if they planned against it. For those who find themselves owing more than they may be able to handle, one option could be a debt management plan, which can help consumers find a way to pay off debt.
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