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Tennessee residents may look to Chapter 13 after holiday spending

Large meals, family gatherings and gift giving are often occasions that indicate that the holiday season is near. As a result, consumers may be spending more money than usual as they purchase ingredients for special dishes, make travel plans and search for presents. The aftermath of the holiday season, however, can leave some Tennessee residents with considerable debt accumulated from their credit use, and understanding options such as Chapter 13 bankruptcy may be beneficial.

In hopes of wisely managing debt during the holidays, some individuals may look for offers or promotions that could help keep interest from accruing. These offers could be taken advantage of before the holidays as some credit companies offer no interest on new purchases for a certain amount of time. If a significant balance is accrued, however, and the balance is not paid off by the end of the promotional period, interest fees could be added to the amount.

These financing offers may allow consumers with an outstanding balance to have no interest made on new purchases, but this offer could create an accumulation issue. Consumers may justify making new purchases because they are exempt from interest, but the previous balance could still be accruing interest. Making new purchases also increases the balance overall, which could lead to it taking longer to pay off in the long run.

While promotional offers can seem like a beneficial tactic to take advantage of, especially during the holidays, not fully understanding the possible repercussions could be detrimental. Over spending is a common issue during the holiday seasons, and if balances are not paid in full on a monthly basis, the financial situation can quickly become burdening. If a Tennessee resident is facing such circumstances, knowledge on Chapter 13 bankruptcy and state laws concerning debt management could provide reliable information on how to work toward a fresh financial start.

Source: MSN Money, 4 holiday credit card strategies, No author, Oct. 28, 2013

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