World News

Holiday debt: Here’s how Winnipeg shoppers can avoid it

With Black Friday just around the corner, thousands of Canadians will be heading to their local mall for a deal.

But, how many of us in Winnipeg will be in debt after the holiday season is over?

According to a new Ratehub Survey, almost 1 in 3 Canadians are afraid to see their credit card bill come January.

A different report from Mylo, found that millennials on the prairies are most likely to incur debt over $500 from holiday-related purchases.

Credit councellor, Sandra Fry says the report findings are not a surprise.

“Christmas is usually a result of unplanned spending. We know it’s coming but we don’t save for it,” she said.

“And then of course there’s over spending — buying more than you intended to, spending more than you saved for, or more than you can afford to pay back.”

Fry suggests you start putting away money in January, so that the following holiday season isn’t so stressful.

If you, like many others haven’t put away money this year, Fry suggests skipping the morning coffee and muffin for the next few weeks to help generate some extra cash.

“Don’t forget to budget for all the other things like the parties and the travel… all those things you have to plan for as well, and people forget about that.”

Source: Read Full Article