Posted on | December 2, 2009 | No Comments
Using a bad credit credit card to buy Christmas presents this holiday season is something many borrowers are likely to do. The news is reporting that many people are trying to buy on cash but this is going to be extremely difficult for those who have seen their pay cut or jobs lost in the year of 2009. One of the only options that these individuals have is to buy on credit and hope to get a better job in 2010 to pay this credit off.
Buying on credit is something Americans have done for what seems like forever. Unfortunately, it is no longer the idea that buying on cash is the only thing to do. Most Americans are raised on the idea that using a credit card is very good because it build your credit and you need credit to get low interest rates on loans and mortgages. Unfortunately, most Americans abuse credit cards and dig themselves deeply in debt.
The average number of credit cards that most households have in America is eight. There’s absolutely no reason for households have a different credit card but this is something that we have grown used to and is not uncommon anymore. It is going to be absolutely no surprise if borrowers start to use credit cards to buy Christmas presents late in the shopping season.
There’s a good possibility that over the first few weeks of the shopping season that many borrowers will not use these credit cards as they will resort to cash. When this cash runs out there a few options left and many people will have to either use a loan or credit card to get all the Christmas presents that they want to buy.
The best thing they can do is to cut back on their buying of Christmas presents but this is unlikely as Americans seem to love the Christmas holiday. We all know someone who buys thousands of dollars in gifts yet they cannot afford it. These individuals are likely to be paying for gifts well into 2010 and possibly even 2011 or beyond.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Jeremy North