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Seeking relief from the trials of holiday shopping debt

On Behalf of | Jan 9, 2023 | Bankruptcy

As the holiday season comes to an end, there may be many individuals who have yet to receive the bills from recent shopping endeavors. Holiday shopping debt is an issue that affects many families every year and dealing with the fallout thereof can be a stressful and harrowing process. Individuals in Maryland who struggle under the weight of holiday shopping debts may face an understandable desire for answers on their available options for relief and the steps to take to protect their financial futures. 

Recent reports on holiday debt 

Recent reports indicate that nearly 34% of Americans took on some form of debt during the recent holiday shopping season. These reports state that consumers took on nearly 24% more debt than the previous shopping year, with debt balances over the recent holiday shopping season reaching amounts of more than $1,500. Of those who took part in the survey, almost 40% indicated that they would likely carry such debts for extended periods and many admitted that they had no plans to accumulate such debts. 

Some of those involved in the study suggested that they might struggle to make even the minimum payment due on debt balances each month. With recent increases in monthly expenses and concerns over inflation, it may come as no surprise that dealing with similar issues can be a harrowing process. Those who encounter similar challenges may have questions about how best to address their situation but they might not know where to turn for advice on their options. 

Seeking financial relief 

It may come as no surprise that dealing with high levels of holiday shopping debts can be stressful and intimidating. Individuals in Maryland who face similar hardships in life could consider speaking with an attorney for advice on how best to approach the situation. An attorney can evaluate the circumstances a client is facing, provide insight in making informed decisions about the available options, and assist in developing a strategy with which to reduce or eliminate his or her debts through the proper outlets.