You’ve made your gift list and checked it twice. But, now you have to pay for all this stuff! What's the best way to get through this expensive season?

Relax! You can keep your budget and your sanity, too! You can do it without having to dip into your savings or rack up a high-interest credit card bill that you'll be paying off well into 2019. Instead, learn about your choices so you can spend responsibly and keep your holiday cheer all through the season.

Let's explore your options and take a look at why they may or may not be right for you.  

1. Low-interest credit cards

It's never a good idea to rack up debt. However, if you can get your hands on a credit card that offers a promotional low interest period, you can borrow the money to fund those purchases without it costing you a huge amount of money in interest.  Be sure to check the card’s rate at the end of the promotion. The regular rate might not be as competitive as your local credit union - thus costing you more money in the long run.

Nice: This can be a perfect solution for you if you have an excellent credit score and concrete plans to pay back the bill before the promotional period ends.

Naughty: Don't go this route if you have a poor track record of paying down your credit card bills. You might end up carrying that balance well after the intro period ends. You'll then be hit with super-high interest rates that will make your holiday expenses go much higher.

2. Personal loans

Do you find yourself needing a pile of dough during the holidays?  You can stop by Genisys Credit Union to apply for a Holiday Loan to help get you through. We are are always happy to help, and you can walk out in no time with the money you need to fund your holiday shopping.

Nice:  Like all of our lending products, our low interest rate personal loans, make the payback plan affordable for almost any budget.

Naughty:  If you're already carrying a load of debt and unpaid loans, don't take out another one just to get you through the holidays. Consider lower cost gift ideas and focus on paying off debt.  

3. Skip-Loan-Payment

We understand that the holidays can be super expensive. That's why we offer you our own gift this time of year: the option to skip a monthly loan payment to give you that extra cash flow. It's more breathing room in your budget, just when you need it most!

Nice: When you choose a Skip-Loan-Payment, you'll be able to pay for those presents without adding to your credit card balance or taking on new debt. No high-interest bills to haunt you through the first part of 2019!

Naughty: When you choose to skip a monthly loan payment, you are essentially moving that payment to the end of the loan's life. Every Skip-Loan-Payment will make the loan's term one month longer. Consider this: If you skip just one payment a year on an auto loan, the loan will be six months longer than you would have originally anticipated.

4. Holiday Savings Account

Don't wait until Black Friday to start thinking about your holiday shopping. Pay a little bit toward this expensive season all year long by opening a Holiday Savings Club Account. This way, when November rolls around, you'll actually look forward to buying all those gifts instead of dreading it. Put the cheer back in your holiday season by opening a Holiday Savings Club Account today!

Nice: Holiday Savings Club Accounts offer you a way to pay for your holiday shopping ahead of the season, instead of playing catch-up on your bills in the coming months. It's the perfect way to take the stress out of the holidays!

Naughty: If you want to open a Holiday Savings Club Account to help you make it through this season, you're a little late. But, it's never too early to start thinking about next year!

If you're still struggling to get through the holiday season, we can help! Stop by a Genisys Credit Union location today. We'll show you how to stay in the black when your holiday expenses have you seeing red.

SOURCES:

https://www.thebalance.com/pay-for-big-holiday-purchases-interest-free-4154866

https://www.wsj.com/articles/SB10001424052748704782304574541873369727460

https://www.google.com/amp/s/www.thestreet.com/amp/story/12808150/1/how-pay-your-holiday-shopping.html

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