THD Credit Consulting

Credit Tips to Make it Through the Holiday Season

Erik Kaplan

Erik Kaplan

Erik is the CEO and Founder of THD Credit Consulting

With Thanksgiving, black friday and cyber monday just days away, the holiday shopping season is officially moving full speed ahead.

Setting limits for yourself will help you avoid a spending spree this season and your credit score from plummeting in 2017.

Here are tips to keep your holiday shopping from hurting your credit score:

Limit Credit Card Usage

To avoid regret when January credit card statements arrive, do not max out your credit cards.  Always keep your credit utilization rate below 30%.  A higher ratio is a potential red flag to potential lenders and can lead to your credit scores taking a hit.

Avoid Store Credit Cards 

Your favorite retailers will offer additional discounts if you sign up for a store’s credit card.  DON’T DO IT!  While it might sound like a good deal at the time, these cards typically come with low limits, high interest rates and will just run you further into debt.

In addition, every time you sign up for a new credit card, another line of inquiry to your credit score is made and can negatively impact your credit score.

Make A Holiday Game Plan

In other words…BUDGET.  While everyone understand the concept, most people don’t actually put pen to paper and create a budget for holiday gifts, parties, travel, etc.  Go on, give it a go this year. You will save money AND will cut down on the amount of wrapping you have to do! 

Even if your budget feels small, focus on what you can do – not on what you can’t.  If you have questions about how you can get through the holiday season, call or email me today.

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