Thanksgiving. A time to gather with family and friends to enjoy each other’s company, officially begin the holiday season, a day to fill our bellies with delicious food, and a day to spend with our loved ones. AND….. the day before the official start of “spending season. “. “Black Friday,” as it is known… a day when we flock to the malls, spend hours shopping on the internet, and buy out all the televisions at our local big box stores. A day and a season of fun because we are buying gifts for loved ones, enjoying the holiday season, and sharing in our good fortune from the year.

Alas, this has been a difficult year. The cost of everything has gone through the roof, including the cost of borrowing money on your credit cards. This time of year, we want to show we care about our family and friends, usually by buying presents and putting on festive holiday meals. Now that is fun (and I don’t want to sound like a Scrooge), but… DON’T SPEND MONEY YOU DON’T HAVE!!! DON’T BORROW ON YOUR CREDIT CARDS TO GET THROUGH THE HOLIDAYS. The average interest rate for everyone is up to nearly 25%, and it will keep climbing. The safety valve we have had for many years – low mortgage rates – has gone away. You can’t refinance your debt away anymore at little or no cost. In fact, traditionally, when both mortgage and credit card interest go up, people go broke.

On top of that, the FED is raising interest rates in the hope that it will increase unemployment and slow down the economy. Effectively, the Fed wants you to lose your job. Job loss can come at any time. Being careful with your money is a requirement today. Again… I don’t want to sound like a Scrooge… I just want you to come out on the other side of the holiday season with joy in your heart and money in your wallet.

So, please be careful how you spend this season. There is no reason to try to keep up with the Joneses. They are suffering, too, but they did not read this blog… you did. Today, enjoy the holiday season, and if you do get in trouble with those nasty credit cards, we can help you get rid of the debt using the many tools of financial crisis management, including bankruptcy, debt resolution, and budget management. To discuss your situation in a free consultation, call me at 888.235.4357, and remember one more thing… in this day and age… the greatest gift you can give is to be kind.

Happy Thanksgiving.



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