Bankruptcy: Using Credit Cards to Fund Holiday Travel Costs

For many individuals in Ohio and elsewhere, the holiday season is a time to make travel plans to visit family and friends. Although the costs associated with holiday travel can be extensive enough as is, studies indicate that many families will consider using credit cards to cover their traveling needs. Coupling substantial financial obligations with high interest accounts could be a hazardous combination that may leave many in search of the relief provided through bankruptcy.

According to a recent survey, as many as half of Americans plan to spend money traveling to visit family or friends during the upcoming holiday season. Studies indicate that over the holidays, the average family will spend nearly $1,500 on airline tickets and lodging costs. While this might not seem concerning for many families, studies indicate that there are some individuals who are still paying on debts associated with travel expenses from the previous holiday season.

There are a variety of factors that might contribute to one’s issues with covering holiday travel expenses. Those who wait until the last minute to schedule a trip may pay increased amounts for flights or hotel rooms. When it comes to the holidays, overspending remains a major concern for many, and failing to have a budget in place to help cut down on travel costs could also prove detrimental.

Although the holiday season is a time for celebration for many, for some, it may also be a time of financial strain. Those who encounter severe monetary struggles due to significant amounts of debt may wish to know more about how to regain control over their finances, and they could choose to speak with an attorney for guidance. A bankruptcy attorney can assist a client in Ohio in forming a strategy to pursue relief from debts and work toward achieving financial stability.