Perspective: Handling holiday gifting if you're deep in debt
When you’re in debt, the responsible thing to do is to ignore the holiday ads that say love comes wrapped in a pretty box with a bow.This is the predicament facing a Virginia couple whose situation may be similar to yours. Your debt load may not be as heavy, but you’re also struggling with how to pull back on your giving.
“I have two young kids and will need to at least get them a few presents under the tree,” wrote the wife. “My husband and I have $62,000 of credit card debt. We are working with a debt-management service to wipe it out in three years. It’s tough, I’m not going to lie, but I’m worried over what to tell people about not reciprocating gifts. Any advice?”Before answering, I needed some background.
So, for the baby, you don’t need to buy anything, because he’ll probably be excited about just opening boxes. When my kids were tiny tots, I looked around for games, toys and stuffed animals that they didn’t play with and were buried at the bottom of their toy bins or stashed at the top of their closets. I wrapped up those items and put them under the tree. Seriously, who remembers what they got at 2?For the 7-year-old, buy her just a few things — with cash.
There is always the possibility that you’ll get pushback, but ignore any efforts to make you feel guilty. You have $62,000 in credit card debt. This is your priority — not trying to please an adult acting like a child.as a reminder of what’s important in the end.Give yourself the gift of financial stability by staying focused on paying down that debt. Besides, as I tell folks all the time, it should be about your presence, not your presents.
Readers may write to Michelle Singletary at The Washington Post, 1301 K St. NW, Washington, D.C. 20071 or [email protected]. To read previous Color of Money columns, go to
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