FAYETTEVILLE, Ark. (KNWA/KFTA) — With gifts to buy, the holiday season can often be a time when people rack up debt — but for those whose finances have been hit hard by the pandemic, the season poses even more challenges.
The pandemic’s affected our communities differently. Some’s finances are looking fine, while others have lost jobs or seen their hours reduced.
That’s why Credit Counseling of Arkansas Education Director Mark Foster says it’s important to spend within your means this holiday.
If you’re strapped on cash, don’t take on debt to buy expensive gifts.
Instead, Foster says sentimental presents or time spent with loved ones may be the way to go.
“We’re gonna be stressed to make ends meet. Whether we’re dealing with debt, or even if there’s debt or no debt involved, we can still overspend,” Foster said, “It can make it harder to pay the water bill, for example, or the rent — that kind of thing.”
Foster says if you’ve already overspent, it’s time to make a plan — Cut up those credit cards and start paying off debt.