The Holiday Spending Hangover Strikes Back! Skip to main content
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The Holiday Spending Hangover Strikes Back!

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The days between Thanksgiving and Christmas had many people wondering where America’s lingering financial issues went as millions of shoppers returned to our nation’s stores, malls and gallerias en masse to take advantage of extreme sales (and savings) and, in doing so, generated the most successful Black Friday for retailers ever.

A new report found that, in fact, retailers seduced shoppers at record rates despite the sluggish economy. “The 3.4 percent increase in same-store sales reported by Thomson Reuters was better than expected -- an optimistic sign in an ailing economy. Still, it's unclear how often people will shop in the upcoming year, a factor that will depend more on whether they find jobs than on how much retailers innovate or drop prices. “’Consumers were feeling better about loosening up purses this holiday season,’ said Jharonne Martis, director of research for Thomson Reuters. In particular, big wins in the apparel and teen apparel sectors indicated that shoppers were willing to spend not only on necessities, but on discretionary items like new clothes and shoes,’ Martis said.”

Yet, while the news that an increased interest in more “personal purchases” like clothes and electronics could be a sign of a return to traditional American consumer sentiments and more confidence about filling carts with items that are less about “need,” and more about “want,” other economic prognosticators are reluctant to see anything to holiday cheer about as consumers become less careful with their fourth quarter buying habits.

Some are even forecasting that this recent boost in holiday spending will leave many facing a financial “hangover” as early as January 2012, when consumers yet again are tied down by their substantial seasonal spending. The idea that this type of spending is unsustainable is therefore not only bad news for the slow-to-recover economy that needs it in the first place, but also the many beleaguered households hurt during the extended economic malaise. The inevitable “payback” many will face in the opening months of 2012, could force families that survived the actual recession to make some tough choices when their holiday debts become compounded with a lingering housing crisis, stagnant hiring and higher gas and heating prices.

Are you one of the millions of American men or women facing a holiday hangover as we all enter 2012? Are you inadvertently returning to the same spending habits that pushed so many people into financial peril just three years ago? As retailers go from “in the red” to “in the black” and corporations see all of the profits, are you being set back financially by getting caught up in the old standards of consumerism, even as personal incomes still lag behind and unemployment rests steadily near double-digits?

If you splurged this season and are now experiencing the “headaches” of your holiday binge, you have options—viable options for discharging debts under a Chapter 7 liquidation or Chapter 13 restructuring bankruptcy. Once taboo, these types of filings are becoming commonplace measures for millions of men and women hoping to restructure their debts into a more affordable payment option or, in most cases, dispense with them completely by liquidating unsecured budgetary blights. And as the two percent cut in payroll taxes draws near this January—an attempt to encourage people like you to keep spending well into the new year—it’s important to keep your resolutions and start on a more solid financial track by taking charge of your financial future TODAY.

So, remember, if you are having trouble dealing with debts from holidays past or present, it may be time to join the millions of Americans who are already bankruptcy bound. The bankruptcy attorneys at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, they represent the best medicine to get over any spending hangovers. Just call toll free to 1-888-234-4181, or find them online during off hours at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.

 

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