Pierce & Shows, APLC

The holidays are over, but their financial effects might not be

There are many things people here in Louisiana may be feeling now that the holidays have reached their conclusion. Unfortunately, not all of these feelings are happy ones. For example, some may be feeling regret or worry over their holiday spending.

Such feelings are relatively common, as is underscored by the results of a recent WalletHub survey. Of the respondents to this survey, 18 percent reported regretting a purchase made over the recent holiday season. Also, 37 percent said they overspent during this season.

One reason holiday overspending can lead to significant worries is that the debt from such expenditures can sometimes last for a while. While most people in the above-mentioned survey said that they thought they would have the debt from the recent holiday season paid off by January's end, there was a portion of respondents that thought it would take quite some time to get such debt paid off. Around 17 percent of the respondents said they expected that the clearing off of their holiday debt wouldn't be complete until April or later.

Having long-lasting debt can have significant repercussions. When consumers are worried that debt from holiday spending could affect them long into the future, it can be very important for them to not just hope the situation will resolve itself. Taking proactive action can be critical in protecting their long-term financial goals.

There are range of options for addressing high amounts of debt. They run the gamut from careful budgeting to using major legal tools such as Chapter 7 bankruptcy. Choosing the right option for their particular situation can be very important for individuals struggling with holiday debt. Seeking out the guidance of skilled debt relief attorneys can help consumers with making well-informed decisions when it comes to addressing debt troubles.

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