Unplanned holiday expenses can add up and put a real strain on your budget. Those hidden costs can come from a variety of places: traveling to see family and friends; festive decorations for your home; additional food and drinks to host holiday gatherings; and of course, buying gifts for all those holiday wish lists!
While we encourage setting aside savings throughout the year for holiday spending, we also know that sometimes even Santa needs a little extra help covering all the extras! If planning ahead for holiday spending wasn’t possible this year, you may wish to explore alternatives to using a high-interest credit card.
Financing Options
- Consumer Loan: A consumer loan from First Mid may be the best way to cover those additional holiday expenses. Often times, a consumer loan will have a lower interest rate than a credit card, and you’ll be able to budget next year by having a set monthly payment to chip away your debt.
- Home Equity Line of Credit (HELOC): If you’re a homeowner, a HELOC can be another smart way to help manage holiday spending. A HELOC allows you to borrow against the equity in your home, often at a lower interest rate than credit cards, while giving you the flexibility to use funds as needed.
So, before you pull out the plastic, consider a Consumer Loan or HELOC instead.
To get started, stop by a First Mid banking center and talk with a Customer Service Representative or apply for a consumer loan online.
When you’re ready to start your holiday shopping, click here for a few holiday spending tips to help you make the most of your funds.
