Christmas Finances - KTRE.com | Lufkin and Nacogdoches, Texas

12/18/04 - East Texas

Christmas Finances

Nicole Rusk said, "I pawned a karaoke machine, I have renewed a loan, I got a new loan."

Nicole has done a lot to get Christmas presents for her family. Around this time of year, times can be tight and decisions have to be made. Do I put it on the card and pay it off later? Take out a loan, or just skip the holidays all together and play catch up from last year?

In looking at loan or credit, you have to weigh the benefits and problems of each.

Debbie Brown said, "you just have to weigh out what's easiest for you. A loan will pay off, make your monthly payments. Whereas a credit card can go on for quite some time."

That time, while helpful, can bring in some major interest. With some cards bringing in 18% or more, that interest may be more trouble than it's worth. Especially if you end up paying it off over the rest of the year.

Taking a loan from your bank might be better, if you don't mind higher payments. The plus side is less interest, and it forces you to have it paid off by a specific time.

If you want to avoid the hassle all together, you may want to take some of this advice.

"We've just saved up all year and found good deals shopping around town," said one shopper.

If you couldn't save all year, and Christmas has come around, there are always loans, credit cards, and the occasional blood plasma donation.

Nicole said, "the most wonderful time of the year is not so wonderful for most families."

For those families, you have options to help make it a merry Christmas.

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