The holidays are such a great time. Almost every woman buys into the spirit, giving, shopping decorating, dining, communicating,caring, in an all consuming drive to create the perfect experience for everyone. Men, on the surface at least, don’t seem to be so tied to holiday traditions. Do they like Christmas and the holidays? I’m not really sure — maybe the big screen TV, the camaraderie, the snacks, the games. It is a fact that most men really hate the shopping aspect. Ever watch a man shop? They know what they want, in and out of that store in 20 seconds flat. Observations from power shoppers indicate that the only place men may linger is in front of electronics displays. Now that everyone has been statistically (and smugly, you may think) categorised into neat little slots, I will probably hear from some who dismiss all these traits. You have every right to criticise me, but there is one thing for sure that unites almost everyone: the bills and the debt that come in the mail in January. Credit cards are a necessity in an electronic world. Use is high at holiday time and almost impossible to avoid, particularly, if you are travelling. Therefore, to avoid the pain and recriminations later, it pays to plan and monitor our behaviour (and our emotional thought processes) for the next couple of weeks.

It’s the random purchases that we tend to succumb to during the season’s euphoria that can be so addictive and damaging to a credit card balance. Show of hands, please? How many of us buy a present for ourselves each time we shop for others on the “list”? Be honest. A confession - at times, when I have allowed myself to feel put upon (probably completely unfounded) or harried for one reason or another, every time I have shopped for others, it worked like this. Six presents for others, one for me, four presents for others, one for me, and so on. After the exhilaration wears off, you look at these things and wonder. Why? Others may treat themselves a bit, then get a grip and move on, being sure to keep their revolving debt completely under control.

But not all of us can do that. Impulsive debt crosses all boundaries. It can wreak havoc on personalities, health, family life and careers.

An absolutely classic case of insatiable over consumption raised global eyebrows a couple of years ago when www.savekaryn.com (and the book by the same name) became an instant success. In an audacious piece of marketing, Karyn Bosnak, who ran up more than $20,000 in credit card debt in a year, started a website. She created a blog asking everyone who could, to contribute one dollar to her mounting debt cause. Soundly and roundly criticised by many, she managed to turn her life around through the generosity of complete strangers. Baying off the debt and writing a book, she earned enough to donate the entire amount given to her back to charities.

Her book has been published in more then seven languages. Her website is worth a look, particularly her current involvement in many ‘give a hand-up’ charities.

Read on, in her own words, of her successful journey:

“SaveKaryn.com started in June 2002 when I realised I couldn’t pay my credit card bills — credit card bills that added up to over $20,000 — credit card bills I ran up by shopping. Yep. Too many Starbucks lattes. Too many BCBG tops. Too many great Gucci purses.

I thought, if 20,000 people gave you just one dollar, then all that yucky debt would be gone!” So on a whim, I created a silly little low-budget website that asked people to help pay off my $20,000 credit card bills. All I needed was 20,000 generous people...

“Before I knew it, people around the world were logging on to savekaryn.com and sending me money through PayPal and the mail. And believe it or not, it worked. In 20 short weeks, my website received over two million hits and all my debt was paid off. (NOTE: I have since donated all the money people gave me to charity.)

Stories about the website have appeared in newspapers and magazine all over the world, including The New York Time>, Peop$>, and T<$> - I was even interviewed on the To<$>show (three times!). And, get this: The New York Times Magazine named savekaryn.com and my idea one of the “Greatest ideas to come out of 2002.” That’s pretty cool.

People often ask me, “how could you have run up $20,000 in credit card debt from shopping?” and “how in the world did you come up with this crazy idea?” and “is it true that a big Hollywood movie company is going to make a movie about you?”

Now that I’m debt-free, I’d like savekaryn.com to become a great resource for people who are financially strapped; a place where people can swap ideas and tips; a place where you can go to get a good FREE laugh every now and then; and if you’re a complete financial screw-up like myself, a place where you won’t feel so alone. So spread the love, spread the joy, spread the word, and hey... watch your credit cards. Debt has a funny way of sneaking up on you.

Karyn used a very unique idea, but one that won’t work again.

Debt and the anxiety that accompanies worrying about it can deplete much of the joy of life. For those struggling with this type of situation, know that you are not alone. Build into your New Year’s Resolution that you will use every self-help idea out there to ‘grow yourself’ out of this cycle.

In the chart, see the example of what can happen when only the minimum payment is made every month.

When the balance due is even higher than $2,000, this debt may never go away. That great bag, or those cute shoes, or even those groceries will cost you double or more over time.

Hints on controlling debt:

[bul] If you cannot afford to pay the card off, don’t charge at all. Pay with a debit card and get cash back or airline miles at year end.

[bul] Find a credit card with a lower interest rate if you can

[bul] Have a plan of action to take care of those extras. Remember the lady who entered the Moneywise quiz last summer. She worked four part-time jobs in addition to her regular job to keep her credit card balance at zero.

[bul] Set a reasonable amount to charge and stick to it.

[bul] Set a time limit to pay, then pay. Martha Myron CPA CFP|0xae| is a Sr. Relationship Manager at Argus Financial Limited. She specialises in planning and investment advisory services for clients considering lifestyle transitions and rewarding retirements. Send confidential email to marthamyron<$>[AT]northrock.bm or 294-5709

The article expresses the opinion of the author alone. Under no circumstances is the content of this article to be taken as specific investment advice.