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Do you get the post-holiday blues when the bills arrive?

Many people experience depression around the holidays, trying to live up to some impossible standard of perfection of decorating, gift-giving and preparing holiday meals that is just not possible to achieve. Still others suffer from the post-holiday blues when the credit card bills start rolling in.

According to the National Retail Federation, an average American family will spend roughly $935 on holiday expenses like dining out, purchasing gifts, food and drinks for meals and parties with friends and family and buying new outfits to wear to holiday parties.

If those costs are accrued on credit cards, those holiday debts can take nearly half a year to pay off completely. Meanwhile, interest charges mount, and if consumers are unable to keep up with their monthly payments on time, fees and penalties can double the amount of the original debt.

The nightmare of overspending creates a toxic debt cycle

Consumers who are stretched thin financially and striving to make ends meet each month go to great lengths to meet their fiscal commitments. The problem is that some of the choices they make are akin to jumping out of the frying pan and into the fire.

Those who spend the rent or utilities money paying off post-holiday credit card blues will be caught short on rent and other of life's necessities. This is usually the point where financially-strapped consumers turn to payday loans and pawnbrokers to get by. But pretty soon they find themselves unable to pay those debts off as well. If they used an auto title for collateral on a payday loan, they can wind up losing their only transportation.

There's a better way to get out of debt

Before your finances are hopelessly entangled in complicated schemes designed to keep you indebted as long as possible, call a halt to the madness. It's time to seek the counsel of a professional - a Fayette County bankruptcy attorney. He or she can explain the difference between filing for Chapter 7 or Chapter 13 bankruptcy and which version would be a better option in your situation.

While there remains some stigma in filing for bankruptcy and your credit will take a hit, it's nothing compared to the worries and sleepless nights you'll endure while trying to rob Peter to pay Paul just to stay afloat.

Let the ghost of Christmas past fade away and embrace the new year with the resolve to take firm control over your finances in 2017.

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Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

Toll Free: 800-762-6916
Phone: 859-963-2073
Fax: 859-254-2192
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