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New Jersey bankruptcy: Christmas and financial management

It's that time of year again. The holiday shopping season is in full swing, and many in New Jersey are feeling the pressure to find that perfect gift for each person on their list. One big question that comes up every year is how consumers are paying for those much sought after Christmas gifts. It is during this time of year that some consumers forget their financial management and wind up deeper in debt and facing the prospect of bankruptcy.

Credit card companies make spending money during the holiday season as easy as they can. They provide blank checks, the lure of special bonus offers, and a "better deal" when you open a new credit card. All of these enticements may cause some consumers in New Jersey to abandon their financial plans and spend more than they anticipated.

Avoiding the trap of spending more and paying for holiday gifts well into the following year, is possible with some planning. Planning out purchases, sticking to a list, and researching the best deals can help save a consumer money. Many stores such as Wal-Mart and Toys R Us have reinstated layaway as an option for consumers and are offering layaway interest free.

In today's economy, many consumers feel out of control when it comes to financial management. For those consumers that are struggling with debt, there are options such as filing for bankruptcy protection. Filing bankruptcy can give a consumer the space they need in order to work out their financial difficulties and get a fresh start. Thousands of consumers are desperately searching for a way to relieve the financial burdens heaped upon them by the recession. Bankruptcy may provide that relief as well as create a foundation upon which financial stability can be rebuilt.

Source: The Sedgwick County Post, "5 tips to steer clear of debt in Christmas shopping," Dave Carpenter, Nov. 20, 2012

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