Come January 2, the holidays officially end, and it is back to routine living. Many Pennsylvania residents put the holidays out of their mind and don’t expect to think much about them for at least another 11 months. And then bills start to arrive. Credit card statements and other bills may land in the mail, delivering a shock. People sometimes don’t realize how much they spent. Some might even find the added bills push them further to bankruptcy. Perhaps a post-holiday strategy to deal with the excess spending aftermath seems advisable.
A common-sense approach to dealing with financial problems
Holiday spending might involve more than purchasing gifts. Traveling to parties and hosting them could run up fuel, energy and supermarket bills. Ultimately, something may need to get done to deal with the costs.
Cutting back on unnecessary spending should become a priority. Draining funds and running up more debt might not help someone interested in getting a budget under control. Besides eliminating nonessentials, there may not be any harm in trying to save money on essential items. Purchasing food with coupons, for example, seems helpful.
Equally advisable would be cutting back on worry and anxiety. Lamenting a financial situation without taking steps to correct things might not do much. Additionally, being in a positive frame of mind could support better focus on solving problems.
An informal “audit” might be worth performing. Looking closely at all debt in comparison to cash flow could help someone come up with a plan. In some cases, that plan might involve filing for bankruptcy.
Exploring options for bankruptcy
When things reach a point of no return, filing for bankruptcy might be necessary. Drowning in debt with no ability to pay anything off could create an untenable and possibly unhealthy situation. Exploring different options for a bankruptcy filing could lead to an appropriate way out.
Filing for bankruptcy comes with more complexity than the average person might realize. Therefore, hiring an attorney could be beneficial. Bankruptcy actions take place in court, which may further highlight the need for counsel.
Consumer bankruptcy might work for someone dealing with debt. Holiday shopping could deliver a year-end spending binge that may make current debt levels unsustainable.