How should I fund my holiday shopping?Dec. 14, 2018
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.
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.
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!