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Truity Credit Union Blog > December 2021 > How Should I Fund My Holiday Shopping

How Should I Fund My Holiday Shopping

  • 12/6/2021

If you’re wondering how to cover the ever-increasing expenses of the holiday season, we’re here to help! Below are some options to consider that keep your budget and peace of mind secure. 

1. No-interest credit cards

If you open a credit card with an introductory no-interest period, you can borrow the money to fund those holiday purchases without paying a penny of interest.

Pros: This option can be ideal if you have an excellent credit score and concrete plans to pay back the bill quickly.

Cons: Don’t go this route if you have a poor track record for paying credit card bills. You might end up carrying that balance longer than anticipated and get hit with high-interest rates after the introductory period ends.

2. Personal loans 

Whether your gift list needs checking off, you need funding for a large purchase, or you want to consolidate other debt, contact us about personal loans! Our team is happy to help discuss the best options for your needs. Learn more here.

Pros: Our personal loans offer fixed payments and low fixed rates, making the payback plan affordable for almost any budget.

Cons: If you’re already carrying a load of debt and other unpaid loans, don’t take out another one to get you through the holidays. Keep your long-term financial health in mind!

3. Skip-a-Payment 

At Truity Credit Union, we offer a gift around this time of year: the option to skip a monthly loan payment to give you that extra cash flow. Check digital banking to see if your loan is eligible today! 

Pros: When you choose Skip-a-Payment, you can pay for those presents without adding to your current debt. No high-interest bills to haunt you once December is over!

Cons: Every Skip-a-Payment makes the loan’s term one month longer.

4. Christmas Club Account 

Avoid asking this question next year by paying a little bit toward this expensive season all year long by opening a Christmas Club Account. You can even set up automatic transfers to this savings account that coincide with your paydays. 

Pros: Our Christmas Club Accounts offer you a way to pay for your holiday shopping ahead of the season, instead of playing catch-up on your bills in the coming months.

Cons: It’s too late to open a Christmas Club Account to help you make it through this season. But it’s never too early to start thinking and planning for next year! Use My Finance in digital banking to help you get started. 

5. Deferred-interest financing 

If you’re considering several large purchases at big-box stores, consider signing up for the retailers’ deferred-interest financing. Many chain stores offer customers this interest-free financing option to buy now and pay later.

Pros: Deferred-interest financing works just like an interest-free line of credit, only it’s exclusive to the store selling it. If you don’t like the idea of opening another credit card but you need that interest-free option, this could be the perfect solution for you.

Cons: If you neglect to pay off your bill before the interest-free period expires, you’ll be hit with sky-high interest fees. 

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