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Holiday generosity can result in massive credit card debt Atlanta, GA

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Holiday generosity can result in massive credit card debt

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It probably comes as no surprise to Georgia readers that December is the peak time for American consumers to use credit cards. According to reports, Americans will be charging approximately $131 billion during the month of December. That’s 16.4 percent above the average. While all those holiday deals seem too good to resist, they can lead to massive credit card debt.

A survey released by Gallup stated that the average middle class household will spend $1,035 during the 2013 holiday season. Additionally, the average interest rate for balance transfer credit cards is 15.8 percent. Consumers who only make minimum monthly payments under those circumstances will take nine years to pay off the debt, with the total interest paid of $773. Using department store credit cards can make the situation even worse, since interest rates tend to be higher.

There are ways to avoid this beyond just paying more than the minimum each month. Sticking to a shopping list may curb overspending, since it helps shoppers focus on what they intend to buy. In addition, online shopping prevents consumers from handling the merchandise a habit that often results in additional spending.

While some Georgia consumers are able to pay down massive credit card debt quickly, it can be a struggle for others. Those who are weighed down by debt may find it beneficial to speak to someone about debt relief options. In some cases, filing for bankruptcy may make the most sense. A Chapter 7 filing often discharges credit card debts, while a Chapter 13 typically offers the chance to pay off the debt via manageable repayment options. Either situation may help the consumer to get back on track and work toward a more positive financial future.

Source:, Willis Report: Avoiding the credit card holiday hangover, Gerri Willis, Nov. 28, 2013

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (678) 915-2634

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    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

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    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

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    I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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