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Credit cards help pay for the holidays

On Behalf of | Nov 13, 2019 | Chapter 7 Bankruptcy |

Virginia residents may not necessarily be against using a credit card to fund their holiday shopping. A study from found that 51% of respondents who had credit card debt were willing to go deeper into debt during the holidays. It also found that 50% of male respondents who had credit cards had no problem spending more on gifts and other related seasonal expenses. Only 41% of female respondents who had credit cards said the same thing.

A person’s age may also influence whether or not he or she would be willing to use a credit card to pay for holiday expenses. Only 34% of those who are classified as baby boomers would go into debt to buy gifts while that number increased to 52% for millennials. Of respondents who chose to go into debt this holiday season, 42% said that they were doing it to make themselves happy.

When asked how they would pay down debt accrued during the holidays, 38% said that they would cut expenses to free up cash. The study also found that 57% said that they would be making more than the minimum payment each month to get debt-free faster. Of those who didn’t have credit card debt, only 26% said that going into debt for the holidays was a good idea.

Filing for Chapter 7 bankruptcy may be an effective way to reduce or eliminate credit card and other forms of unsecured debt. It may be possible to pay little or nothing to creditors for the right to have debt balances discharged. Those who file for bankruptcy may want to do so with the help of an attorney.