It’s Time for a Pre-Holiday Budget Check - Other News

Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » It’s Time for a Pre-Holiday Budget Check

It’s Time for a Pre-Holiday Budget Check

Add to Favorites:
It’s Time for a Pre-Holiday Budget Check

Only two out of five people reported using a budget this year, according to the National Foundation for Credit Counseling (NFCC). And more than a third (37%) are carrying credit card debt over from one month to the next.

To avoid getting in more debt during the holidays, the NFCC recommends people review what’s coming in and going out in order to set a budget for holiday shopping. Here are three key things to look at:

  • Household income

  • How much debt is being carried

  • How much is being spent and on what

Without taking stock of income and spending, it can be hard to know how much one can afford during the holidays. Although 71% of adults say they pay their bills on time, if they are making payments on revolving credit card debt, high interest rates can keep them from making a dent in their debt load.

Lack of savings can lead to more debt

People often rely on credit cards during the holidays if they haven’t saved up for holiday gift giving. That can mean adding more bills to existing debt, making it even harder to pay off credit cards.

To take a true assessment of their financial standing, people need to sit down and crunch some numbers to come up with a household budget if they don’t already have one. There are a plethora of online tools that can help them do so.

The NFCC offers a checkup tool, which is an online questionnaire. Consumers answer a series of questions relating to their household size, income, expenses and debt before getting a custom analysis with recommendations for holiday spending.

The tool is one of the NFCC’s options for people who want to be proactive about improving their financial situation. The checkup feature is part of the Sharpen Your Financial Focus initiative, recently launched by the NFCC in cooperation with Bank of America, Chase, GE Capital Retail Finance and Wells Fargo.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Credit Card Write-Offs Decrease as Balances Increase
Credit Card Write-Offs Decrease as Balances Increase

Posted: December 29, 2014

Credit balances were at their highest level in five years as of November 2014, according to Equifax’s National Consumer Credit Trends Report. Not including mortgages, credit balances from auto loans, store credit cards and bank credit... Continue reading
USAA Ranks First Among Credit Card Issuers
USAA Ranks First Among Credit Card Issuers

Posted: April 02, 2014

USAA took the top spot when it comes to delivering customer satisfaction for the fourth year in a row, according to a consumer study. Discover and American Express tied for second place. HSBC came in last of the 11 credit cards reviewed. Continue reading
New Credit Cards From Peoples Bank
New Credit Cards From Peoples Bank

Posted: November 03, 2015

People's United Bank and Elan Financial Services have rolled out six new credit cards including the World Elite, World Bonus Rewards, World Bonus Rewards PLUS, Platinum, College and Secured cards. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
You could turn $150 into $300 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
For Excellent, Good Credit
No Annual Fee. See WebBank/Fingerhut Credit Account Terms.
For Bad Credit