Cash Crisis: 5 Ways to Buy Good Christmas Gifts While Dealing with Debt
We hear out a mom’s cry for help as she wallows in credit card debt. Here’s how you can channel your creativity and resourcefulness to still come up with some memorable holiday presents despite your financial crisis.
Q: Help! I’m wallowing in credit card debt but I want to still get my family and friends good gifts this Christmas. What can I do?
A: About your credit card debt, first thing you should do is to organize your credit card information. It is important to take note of the interest rate, due date and minimum payment for the credit card.
Give your bank a call regarding payment options that would best fit your financial capabilities. It would also be a good idea to keep a ledger of all your transactions may it be cash or card in order for you to be able to find ways to cut back on unnecessary spending.
If you have multiple credit cards, it would be wise to just stick with one after settling all your debt. And most importantly… spend wisely. Control your credit card use so you don’t end up spending more than what you can pay for.
Keep in mind that it’s the thought that counts. Here are some tips that can help you. 1. MALL SALE. Gifts don’t have to be expensive. Malls go on sale all the time especially as the chilly “Ber” months approach. Take advantage of that and the variety that many malls and department stores offer. We sometimes think malls are expensive places to shop, but oftentimes there are great deals because big corporations buy in bulk and sell it lower than smaller retailers. This may be a smart strategy.
2. BAZAARS. From personalized items to quality handicrafts, you name it they have it. What’s nice about bazaars is you usually won’t find what they sell in malls, which is a wonderful idea especially if you want to be unique with your gifts. Plus, if you are good at haggling (respectfully!), sellers will usually accommodate your requests. It’s best to look around for the “base price” of selected items so you make an informed choice. Note however that your “suki” may not always give you the best price since they know you’re a regular customer and may sometimes take advantage of the business relationship by jacking up prices slightly.
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