You may have been doing a lot of spending for the holidays. Our WSFL-TV Trusted Advisor, Chad Van Horn from the Van Horn Law Group stopped by the show recently to tell us how you can manage debt over this season.
It's easier than ever to spend money with new payment options. Big-box stores also make it tempting to buy more than you actually need. Chad says to avoid falling into this trap, head into your holiday shopping with a plan and stick to it. Make sure you know how much you're going to spend, rather than just loading up the cart and paying at checkout.
Shoppers may be tempted to save some extra money by opening up a store credit card. Chad recommends taking advantage of these offers, as long as you're still sticking to your budget. If you planned to spend $200 and the offer is 20% off, get those extra items, but don't use it as an excuse to spend $400.
If you've already overspent, the best way to get out of that debt is to focus on payments. Chad recommends breaking down everything you spend onto a spreadsheet and seeing where you're losing money. If most of your loss is going to interest and debt payments, Chad says to go visit him so he can help put you on the right path to getting out of that.
