Advice: How to manage gift-giving expectations while in debt
Michelle Singletary is taking time off for the holiday. In her absence, we are offering this updated column from her archive, which originally ran on Nov. 26, 2019.
This was the predicament facing a Virginia couple whose situation may be relatable to anyone who is deeply in debt and also struggling with how to pull back on their giving. Much of the debt was accumulated after the wife lost her job during the Great Recession. It took her a year and a half to find a new one. Almost everything went on credit — rent, utilities, groceries, she said.“Then, it was more living expenses, bad choices, impulse buys and retail therapy,” she said. “I tried to consolidate my debt into one credit card with a lower interest rate, but the fine print, which I only read later, said that it had to be paid within 12 months, which it wasn’t.
Since the couple was working on paying down the debt, I just focused on the question of what to say when you can’t give the way you want.First, let’s talk about what I suggested to do for their children, who were 7 and 20 months.
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