How should I fund my holiday shopping?

How should I fund my holiday shopping?

Q: Help! I’m fretting over holiday expenses. How am I going to pay for everything?

A: Relax! You can keep your budget and your sanity, too. Take a few minutes to learn how you
can spend responsibly this season.

Let’s explore some options:

Low interest credit cards 

If you can open a credit card with an introductory low interest period, you can borrow the money to fund those purchases while paying little interest. TruMark Financial offers a Rewards Visa® credit card with a low intro rate for seven months. This allows for more time to pay it back after the holiday rush.

Nice: This option can be ideal if you have an excellent credit score and concrete plans to pay during the low interest period.

Naughty: Don’t go this route if you have a poor track record for paying credit card bills. You might end up carrying that balance well after the grace period ends and then paying higher interest rates.

Personal loans 

If you need a large sum of money, you can stop by a TruMark Financial branch or visit https://www.trumarkonline.org/personal-loans to apply for a personal loan.

Nice: TruMark Financial’s personal loan options have low interest rates, which makes the payback plan affordable for almost any budget.

Naughty: If you’re already carrying a lot of debt, don’t take out another one just to get you through the holidays.

Skip-a-Payment

The option to skip a monthly loan or credit card payment can give you the extra cash flow you may require. It’s more breathing room in your budget, just when you need it most.

Nice: When you choose to skip a payment, you’ll be able to pay for all those presents without adding to your credit card balance or taking on new debt.

Naughty: With this option, you are essentially moving the loan payment to the end of its term. Consider this: if you skip just one payment a year on an auto loan, the loan will be six months longer than you’d originally anticipated.

Remember, the holidays are a time for joy and cheer. Spending time with loved ones is more important than extending your budget more than you can afford. Happy Holidays!