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Debt management: credit cards

Debt management: credit cards can be the bane of our lives – if improperly managed. The festive season is synonymous with overindulgence. But along with some unwanted kilos, Christmas can also leave us lumbered with a credit card debt drag.

The pre-Christmas spending season traditionally sees Australians give their credit cards a solid workout. Last year (CY 2010) we collectively spent $3 trillion more on our cards in November and December than in any of the previous ten months.

Rather than undo all the healthy budgeting efforts made during the year, some simple strategies can help you keep your credit card debt under control over the festive season.

Debt Management: Credit Cards

Maintain a sense of perspective
Rather than get swept up in a frenzy of festive season spending, aim to keep up your regular financial regime.

Follow Santa’s lead
To avoid overspending, take a tip from the big man in red himself. Make a list. Then check it twice. Allocate a spending limit for each person you plan to buy a gift for.

Shop Smart
Hit the stores early to snare the best deals on gifts. Doing your gift shopping online is an easy way to make cost comparisons.

Cash is king
If you’re buying big ticket items this Christmas aim to pay with cash. And don’t be afraid to ask for a discount.

With your finances in good shape and credit card debt under control, you’re well placed to celebrate the festive season knowing you can take advantage of investment opportunities in 2012.

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