Nation debt is higher, but Georgia residents still shop frugally

The holiday season in particular is a difficult time of year to be facing financial hardship. Many people plan to throw holiday parties, purchase gifts for friends and family or travel to visit loved ones. Although recent reports show Americans racking up more credit card debt overall, the numbers show that many Georgians are planning a frugal holiday.

Increase in national credit card debt

A recent analysis revealed that credit card debt increased an average of 4.9 percent per borrower in this year's third quarter. It also revealed that less people are making payments on their credit cards on time. Credit card payments that are at least 90 days late increased 0.04 percent since last year.

Some believe that this could be a sign of economic recovery because it has been noted that since the recession Americans use their credit cards less often. But, despite this increase in credit use, it clear that Americans are still being more careful with their credit than in previous decades.

Georgians remain frugal

Although the national debt is increasing, Georgians are remaining frugal this holiday season, not taking on extra debt. A recent study revealed that only 3.3 percent of Georgians were planning to spend more on the holidays this year than they did the year before. An estimated 48.2 percent plan to spend the same amount as last year and 48.5 percent plan to spend less. Less than half of Georgians were planning to spend more than $500 during the holidays.

The study also showed that Georgians do not appear to be using a lot of credit. Only 12.4 percent of Georgians said they planned to purchase most of their holiday needs with a credit card, while 70.1 percent planned to use cash. The percentage of credit card users has decreased by 3.5 percent from last year's average of 15.9 percent.

Remaining financially stable

You may try to avoid financial trouble by using your credit cards less. Even with the best of intentions, many run into financial trouble during these difficult economic times. Filing for bankruptcy may be a smart option.

If you run into financial difficulty, relief is available. A Georgia bankruptcy attorney can help you get back on your feet again. As the holiday season approaches, the best gift might be the peace of mind that comes with moving towards financial stability.