Christmas Debts

Christmas is over but for many the bills keep rolling in. Some of the bills are for things already discarded or broken. Even if people got tremendous bargains on Black Friday, interest charges could wipe out what they saved.

In the 70s I worked for a credit union and one of the big products was a Christmas Club. Members deposited a certain amount each week and in late November of early December would withdraw the money for their holiday shopping. Amounts were usually under $1,000.

I don't know if these products are still offered but there is nothing to stop someone from setting up a savings account and putting money aside for the holidays or for that matter, any other purchase coming up.

It's an old fashioned concept, saving for something rather than charging it.

I admit I have a horror of credit card debt. There was a period that I had huge debts due to a family illness that prohibited me working full time. Once it was paid off and I realised the thousands of dollars that went into interest, I vowed never again.

At the end of each month, my credit card debt will be zero. If I can't pay for it outright, I won't buy it until I have the money.

Boy am I out of step with modern society. I don't care. I never have to dread the after Christmas bills.