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After the Holidays, What Will Your Debts Look Like?

Overspending and exceptional credit card use can be a recipe for disaster, especially when it leads to overwhelming debt that cannot be met by timely financial payments. This is a problem that is faced by many Americans throughout the country, and during the holidays, it often presents as an increasing problem. One after another – Halloween, Thanksgiving, Hanukah, Christmas, New Years, and more – the festivities that require financial investment seem to pile on top of one another; and although these holidays can seem enjoyable at the time, the aftermath of the financial expenditures that were made can be les than feasibly possible to meet.

A look at past statistics of the holiday spending in 2011, as reported by the American Research Group, shows that the average U.S. family spent around $650 during the winter season on gifts alone. For some, this is $650 more than they could afford, and for others it's $650 more than they had to begin with. Compared to the average family budget, the gift budget that families spend during the holiday season alone accounts for close to 1.5% percent of their yearly spending allowance! To put it in another way: more is spent on gift-giving during one season of the year than will be spent on reading materials and alcoholic beverages combined throughout the year. Additionally, these reports suggest that early shoppers are likely to spend 14% more than average, and Internet shoppers are apt to spend 11% more.

Nowadays, it seems as if the age-old tactics that many shoppers have turned to for decades in order to reduce the costs of their spending during the holidays are no longer trustworthy methods of saving. Even shoppers who stick strictly to the discount racks and clearance sales have been reported to end up spending at least $10 more on average than non-sale shoppers in the U.S. No longer are the rules for budgeting and financially planning as clear-cut as they once were. Around the year – and during the holidays in particular – shoppers are prone to overspending, overcharging, and eventually getting into debt that is over their heads.

For persons who have found themselves in a financially compromising situation, an Irvine bankruptcy lawyer at our office is here to help. Whether you've caught the problem early enough to stave of the need to file for bankruptcy, or you're so deep in debt that a Chapter 7 bankruptcy seems like the only option available to you, our firm is here to help walk you through the process. For debtors throughout Southern California, the law office of Peter Rasla & Associates, P.L.C. is here to offer sound professional support that can help clients regain the financial footing they once used to experience. Our professional services provide needed help to persons facing credit card debt, as well as those who might be facing creditor harassment or even the threat of foreclosure because of their debt.

At the law office of Peter Rasla & Associates, P.L.C., the financial planning that you need in order to relieve yourself from the debt in which you have found yourself can be found from an attorney at the firm. Here, more than 15 years of practice in the field of bankruptcy law can be put to work for you. Under the guidance of a professional at our firm, you will benefit from the knowledgeable advice of an AV® Preeminent™ rated attorney whose skills can help you reclaim financial freedom after holiday spending has gotten out of hand.