With the holiday season approaching, many individuals in Ohio and elsewhere may already be compiling a list of gifts they hope to receive. While for many, this list may consist of everyday items such as a new phone, others might have another form of present in mind. Studies suggest that for many individuals, debt relief might be at the top of the list, as there may be no greater gift than financial piece of mind.
According to recent studies, nearly 70% of Americans experience some form of financial stress upon approaching the holiday season. During a recent study of what they would like to receive if anything was possible, as many as half of those surveyed admitted that their wish list would include having some or all of their debts paid off. However, those who took part in the survey also admitted that this would be no small feat, as the average amount it would take to pay off their debts came in at just under $60,000.
Studies also indicate that despite facing financial concerns, the average consumer will still spend nearly $1,700 buying gifts during the holidays. In some cases, those who cannot afford these gifts on their own could decide to use credit cards to fund their endeavors. Once the holidays are over, studies indicate that many consumers may be left paying on the balances they accumulate for months, or even years to come.
Those who struggle under the weight of debt may wish to better understand how they can achieve their goals of financial stability. When facing a similar scenario, a person in Ohio could benefit from speaking with a bankruptcy attorney for guidance on all the available options for relief. An attorney can help a client make informed choices about his or her situation and assist in forming a strategy to pursue debt relief through the proper channels.