WATCH: Bills piling up as the holiday season winds down? Peter Kim has some tips to help you tackle your debt.
TORONTO – Christmas cheer may surrender to holiday anxiety once the fatter than usual credit card bills begin to arrive.
A survey by consumer website RetailMeNot found that men plan on spending more than women: Canadian males said they would fork over $637 for holiday purchases whereas women said they would spend $545.
“Because men feel so much more pressure from us ladies, they end up spending more money, and they of course want to buy the nice gifts but leave it up until the last minute,” said Sandra Grahame, CEO of personal finance company Smart Cookies.
Canadians aged 35 to 54 plan on spending the most money this season ($690) while those in the 18 to 34 demographic plan on spending the least ($388).
Erasing holiday debt involves careful planning according to Laurie Campbell, CEO of Credit Canada Debt Solutions.
“Ideally pay the highest interest debts off first, and always pay the minimum on the other ones,” she said.
Forty-nine per cent of Canadians said they would likely continue shopping during the sale-rich Boxing Week, but this period can be an opportunity for you to tackle your debt from the front end.
“Do not be fooled into Boxing Day specials if you don’t have the money, and you don’t really need it,” said Campbell.
Another practical tip she offers is only going out once a week to give you more money to aggressively pay off your bills.
If you do need to spend, use cash to avoid costly interest charges and the false sense of spending freedom credit cards can afford.
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