Now that the holiday shopping season is officially drawing to a close, many consumers are left to survey the damage as reflected in their credit card statements or online bank account. Here, the simple reality is that many Americans likely ended up spending far more than they originally intended, potentially resulting in concerns over large bills and even the development of bad credit.

"We all tend to give ourselves a pass when it comes to the holiday season," said John Ulzheimer, the consumer education president for SmartCredit.com. "Some people will spend more between Black Friday and the first of the year than they spent the entire previous year."

What then can consumers do to help limit the fallout from next year's holiday shopping season?

Financial experts offer the following tips:

Plan your shopping ahead of time: According to experts, shoppers should strongly consider creating a comprehensive shopping plan before even setting foot in a shopping mall or retail store. This includes creating a budget that accounts for both total cost and individual costs for each person on your list. Furthermore, experts advise listing out what you plan to buy and which establishment has the best prices.

Manage your expenses: In keeping with the theme of planning your shopping and creating a budget, experts advise keeping close tabs on your purchases to make sure you are not overspending.

"Always know where you are with your spending," said Gail Cunningham, a National Foundation for Credit Counseling spokesperson. "If you overspend on Uncle Harry, you will have to cut back on Aunt Hazel."

Interestingly, experts also recommend that consumers confine purchases to one credit card and select a more disciplined - or financially savvy - shopping partner.

Avoid store credit cards: Lastly, experts advise that those considering opening a store credit card in order to save money may want to reconsider. Why? Store credit cards can have very high interest rates, typically don't offer much in the way of flexibility or valuable incentives, and can actually harm your credit score if you open one and then immediately close it.

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Contact an experienced legal professional to learn more about managing credit card debt/bad credit and fighting creditor harassment.

This post is for informational purposes only and is not to be construed as legal or financial advice.

Source:

The Baltimore Sun, "Tips to help holiday shoppers avoid overspending" Nov. 21, 2011