Another Christmas holiday is here once again. This is the time of the year when most people get into debt just so they can celebrate like others.

Credit companies have already intensified their marketing efforts advertising their loan options and how seamless getting it is.

Well, should you take a loan just to make your Christmas celebration worthwhile? There is nothing wrong with getting a loan if it is towards investing in assets like education, house or even starting a business. So, if you decide to borrow within this period, make sure the proceeds are not used for the following items:

1. Christmas Vacation: The Christmas holiday affords ample time for a memorable vacation, but if you want to keep yours truly memorable, you should stick to a budget you can pull off without obtaining a loan. Consider a vacation option that wouldn’t lure you into debt.

For instance, instead of taking a plane and jetting off your city of residence to that exotic location, consider a nearby but interesting vacation spot that would not involve a lot of travel expenses.

You don’t want to end your vacation and begin to constantly worry about paying off a debt you could have easily avoided. Such a scenario could also easily lead to more debts.

2. Gifts For Your Cousins: There is this radio commercial by a credit company currently airing in Lagos where someone was complaining he didn’t have money to travel and buy gifts for his cousins.

And then the credit company promises to offer him a loan, so he could buy gifts for his 750 cousins.

If the only reason you want to borrow extra cash is, so you can buy gifts for your friends and relatives, don’t do it.

When you travel for the holiday, consider buying gifts that wouldn’t dig a hole in your pocket and let it stay within your budget. After all, in genuine friendships, the gesture of giving is far more valuable than the quality of a gift.

3. Fashion: The Christmas season is the time people go bullish on fashion. Fashion labels unveil new styles this period and most boutiques run out on stocks before Christmas day.

Changing your wardrobe is necessary from time to time but don’t borrow money to do it.

Clothing is hardly an asset, except if you are a super celebrity. And don’t forget, fashion goes out of fashion, so why invest heavily in a shoe, dress or accessories you could be ashamed of putting on tomorrow.

Be smart about your fashion shopping by doing it before the Christmas season. Do it well ahead of the season when prices are still reasonable.

If you must get a dress within the period, explore other affordable alternatives like buying your material and getting a tailor to make it at a negotiated price.

More so, avoid shopping at popular and expensive boutiques. Consider patronizing stores that offer affordable wears. Whatever options you choose, just make sure it doesn’t involve borrowing money for it.

4. Engagement Ring: This is also the season that men ‘shoot their shots’ most. While this is not a bad idea at all, it should not cost hand and arm. Some engagement rings cost a fortune and some people would go to any length to get such an expensive wedding ring to impress their prospective spouse.

If your girlfriend insists on that 700,000-naira engagement ring, maybe you should have a rethink about going into the relationship in the first place.

In fact, borrowing for the wedding itself is a bad idea and a far worse idea is borrowing for an engagement ring.

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