Most people enjoy the idea of spending time with their loved ones and associate the holiday season with warm feelings of joy and love. But for some adults, this festive season can also represent a lot of stress.
The New York Post shared an article last December talking about ‘festive stress”. In the article, they say 41% of Americans go out of their way and overspend during this season. Their article also mentions studies that show the most stressful part of the holidays is related to holiday shopping.
As we approach the end of the year, the holiday shopping season begins. According to the Consumer Technology Association, 39% of people start their holiday shopping in November. They also report people over 60 years old usually start their holiday shopping as early as September.
Figuring out how to balance your finances during this shopping season can be overwhelming. The great news is there are simple things you can do to help manage your speeding. To make sure you can enjoy the holidays without worrying about money or buyer’s remorse consider getting a convenient personal loan.
What is a personal loan?
A personal loan is an unsecured loan that does not require you to use any collateral. To borrow the money, lenders usually look at your credit score and other factors to help determine your eligibility. It works like other loans, you borrow a set amount of money and you set up a scheduled structure with your lender to pay it off with interest.
You can choose to get a personal loan for many different purposes such as:
- Consolidating all your debt into one manageable loan with a fixed rate. One of the most difficult things to manage is having multiple debts at the same time. Each debt will probably be for a different amount, have its own payment date, and specific interest rate. By consolidating all your debt into one, you will be able to manage your money easily and budget any additional spending you may have.
- Borrowing money for unexpected expenses. Things such as medical expenses, car repairs, or home emergencies can happen at any time. To avoid breaking the bank with these types of expenses or letting the debt drown you, a personal loan can help you finance the amount of money you need.
- In general, vacations can be expensive, it usually takes a long time to save money to go on a vacation. During the holiday season vacations can represent an even larger expense. Since a lot of people are traveling and in buying mode, the prices for everything usually go up. Getting a personal loan can help you manage the cost and let help you relieve some of the unnecessary stress that comes with traveling.
- Home Improvements. If you are a homeowner, you know every time you need to do any sort of upgrade to your home, it can get very expensive. To prepare for the winter, it’s common to spend money on things such as upgrading your furnace, checking your roof for leaks, and making sure your home is properly insulated. Instead of relying on the financing from an unknown third party, a personal loan can help give you better rates.
Some of the greatest benefits of getting a personal loan are:
- Lower interest rates than most credit cards
- They can be used for a variety of purchases
- There is no collateral needed
- They can help improve your cash flow
- They are easy to apply for
- As you pay them out, they can help boost your credit score
There are many reasons you may need to borrow money; a personal loan can help you navigate through any of these situations. If you feel this is the right solution for you, there are many places that will offer this type of loan. A personal loan should be personal, so if you are thinking about applying through an automated online service that many companies offer, keep in mind you may not be able to get a loan that truly meets your needs. To make sure you get the best rates and payment plan, we recommend talking to a professional who has experience with personal loans.
American Acceptance is a local financial company offering personal loans with guaranteed lower rates in the Myrtle Beach area. If you are struggling to manage your current debt, or you are just looking for a cash advance, we can help you get a personal loan that meets your needs. Contact us to start your application today!