Holiday debt: your spending wake-up call

Getting a little overwhelmed over all the things you have to buy over the holidays? Didn’t remember to save ahead of time for those presents? Well, good news(ish), you’re not the only one. In fact, many Canadians might be in even deeper debt than you… but that doesn’t mean you should finance your holidays—here’s your holiday spending wake-up call:

Let’s face it. Some things are especially hard to do when it comes to the holidays. (Yeah. We feel you.) Need some tips? Glad you asked…

1. Before you go out shopping and swipe your credit card like the Victoria’s Secret Angels just joined Tinder, scare yourself and run some numbers in this calculator before you hit the stores.

2. Considering maxing out your credit card? Don’t do it. This can lower your credit score—never go over 35% of your credit card limit if you carry a balance and 70% if you pay it off that month!

3. Time is money. Try DIY, check out these 41 ideas instead of trying to be a Christmas baller.

4. If you rack up debt, figure out a plan to pay it off, like using a personal loan that you can pay off in a few years vs. a credit card that will take forever.