This coming Friday, U.S. consumers will be taking to their local shopping malls, retail stores and computers en masse for the official launch of the holiday shopping season. (A recent study by Accenture revealed that 44 percent of Americans will do some type of Black Friday shopping.) However, whether consumers make their purchases via layaway plans - as discussed in our previous debt relief post - or credit card, financial experts are advising some type of restraint in order to prevent the accumulation of too much debt.

Unfortunately, this can be difficult during the Black Friday onslaught, where consumers are bombarded with sales on big ticket items that seem too good to pass on regardless of whether the item was actually on their original shopping radar.

In fact, financial professionals indicate that many people accumulate significant credit card debt because they purchase so-called impulse items during the start of the holiday season.

"Sometimes that assumption of charging things now, thinking 'Well I'll pay for it later. I'll have the money later.' That can get you into trouble," said Sara Gilbert of GreenPath Debt Solutions. "Try to keep yourself out of the excitement of the buying season and the sales. Just don't buy things you don't need or can't afford."

What other tips do financial professionals offer for helping keep debt under control during Black Friday and the entire holiday shopping season?

  1. Experts recommend making a list and sticking to it. Regardless of whether the list outlines specific items or even a price range for each person, experts advise that it can go a long way toward keeping you on track and preventing impulse purchases
  2. Experts also recommend that if confronted with a potential impulse purchase to stop and ask whether the purchase is really needed. Specifically, ask if it will satisfy your shopping goals for a particular person or whether it is excessive.
  3. Finally, experts advise consumers to remember the non-commercial side of the holiday season. Celebrations, services and other activities can prove to be just as valuable and perhaps even more memorable than a multitude of gifts.

Stay tuned for more from our Phoenix bankruptcy blog ...

Whatever the cause, whatever the reasons behind your financial difficulties, take the time to speak with an experienced legal or financial professional if you would like to learn more about Chapter 7 bankruptcy, Chapter 13 bankruptcy or additional debt relief options.

The following post is for informational purposes only and is not to be construed as legal or financial advice.

Source:

KGWN-5, "Stay out of debt this holiday season" Nov. 16, 2011