As Christmas nears, debt expert warns shoppers not to go into the red
It’s the last weekend before Christmas, it means many people are racing to check off those gift lists. But one debt solutions expert is reminding residents not to go in the red this holiday season.
It’s easy to get carried away this time of year, and end up in debt. Nancy Snedden with BDO Debt Dolutions says no family member would want you to go in the red, just to have an extra gift under the tree.
Leading into the season, a survey from Rakuten Canada showed more than half of Canadians (54%) admitted that they found holiday gift shopping stressful, 56% said budgeting for the holidays meant added pressure to an already busy season.
And many expect the holidays to come with a hefty price tag: 45% anticipate spending over $500 on gifts, and one in five will surpass $1,000.
Snedden says the average person in this province is carrying more than $25,000 in non mortgage debt, about three thousand dollars above the national average.
Snedden suggests talking with family and friends this season about maybe downsizing gift giving for next year, and maybe planning a secret Santa exchange. Where rveryone gets a gift to open, but it’s a little easier on the wallet.