Chicago Bankruptcy Lawyers Discuss Holiday Spending and Consumer Debt

(LegalLaw247.com, November 22, 2011 ) Chicago, Illinois According to the National Retail Federation, as many as 152 million Americans will be shopping on Black Friday weekend this year. Retailers across the United States traditionally offer deeply-discounted products the day following Thanksgiving in order to attract holiday shoppers. While many Americans take advantage of holiday sales like those offered on Black Friday to buy gifts for friends and loved ones, a large portion of these purchases are made with unsecured credit cards, which if used unwisely, can lead to overwhelming debt for the consumer.

The Chicago bankruptcy attorneys at the Law Offices of Stuart B. Handelman encourage people in the Chicago community to enjoy the holiday season, but to remember to shop responsibly. During the holiday season, it is easy to fall into common debt traps that may leave you struggling to pay your bills and make ends meet. Some tips for avoiding these common debt traps include:

Use cash whenever possible and use credit cards wisely

Do not try to buy gifts for everyone you know. Make a shopping list and buy only for those people on your list.

While it is tempting to buy items for yourself(66% of Black Friday purchases are for the buyer) this habit can lead to significant over-spending

Reconsider applying for retailer credit-cards. While many of these cards offer savings up-front, the consumer often ends up paying higher interest fees and often has a shorter time to repay this debt.

The Chicagoland bankruptcy lawyers at the Law Offices of Stuart B. Handelman understand how stressful the holiday season can be, especially for individuals who are facing serious debt. They are prepared to help individuals in Chicago and the surrounding area understand their legal options and take action to free themselves from the burden of overwhelming financial obligations.

About the Law Offices of Stuart B. Handelman

The Chicago bankruptcy lawyers of the Law Offices of Stuart B. Handelman provide people in the Chicago area assistance with debt consolidation and bankruptcy. Contact their offices at 312-360-0500 for more information about ways to eliminate debts and regain control of personal finances.


Contact:

Law Offices of Stuart B. Handelman
200 S. Michigan Avenue
Suite 1215
Chicago, IL 60604

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Stuart B. Handelman
312-360-0500
mail@chicagolandbankruptcy.com

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