New year – old problems?

I remember when the year 2000 was greatly anticipated. There were many extreme theories that were being circulated which resulted in some persons going on shopping sprees.

They decided that since they were not sure what would happen at the stroke of midnight then they could shop without worrying about the future.

Of course the year 2000 came and went without significant changes. All those who had spent indiscriminately were then faced with huge bills.

Now we are in the year 2014 but consumers still struggle with the same dilemna.

How can consumers who spent too much during the holidays recover from their slide into debt?

In my previous post I had outlined how you can save money during the holidays. Let’s face it though often despite the best intentions, consumers often get attracted to flashy signs that promise deals of a lifetime.

These deals often don’t really offer any significant savings and consumers end up simply aiding companies getting rid of old stock for the new year.

Often the euphoria of shopping is only broken when the credit card bills or school fees come rolling in along with the beginning of the year. So how can consumers cope with the after shopping new year debt blues?

Well the first thing to do is to stop wallowing in guilt over your over spending. Resolve to do better next year and deal with the problem at hand. Don’t feel overwhelmed, perhaps you received a few gifts that you didn’t really need that can be resold. You can place an advertisement in the classified section of The Gleaner to sell these items.

If that option does not appeal to you then you are going to pull extra hours at work. If you can, offer to stay later at work as well as work on weekends to earn extra money. It is also a good idea to avoid any impulses to buy anything beyond the basic necessities for a while.

It’s great to start the new year without being saddled with debt. However, if you made the mistake of enjoying the holidays a little too much, just remember that the way out of debt is to take one day at a time.

How are you starting the new year? Let me hear from you!

Teri Ann Renee Paisley

Gleaner Online Writer

Tags: debts, shopping