How to keep your credit rating in good standing during the holidays.
The holidays can be a magical, yet expensive, time of year for many Canadians. In this season of giving, we are often tempted to overspend on gifts for loved ones. We attend more parties and social gatherings with friends, family and work colleagues. And with the kids on break from school, it’s also a popular time of year for travel.
Many people finance their holiday fun with credit cards. In fact, six out of 10 Canadians are willing to go into debt to purchase gifts. It can be easy for holiday spending to quickly spiral out of control, and before you know it, you receive a credit card bill in January that you aren’t able to pay off right away. In a recent survey, three in 10 Canadians admitted that they struggle to pay off debt after the holidays.