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For many people, living on a tight budget is just part of life, but often even those who pinch pennies for necessities manage to scrounge up something in order to buy their kids toys over the holiday season, but according to executives from Family Dollar, those extra treats and toys just weren’t possible for a lot of Miami families, as purchases were more likely to be for necessities, such as food rather than for a toy. For those whose jobs were lost by downsizing, bankruptcy has become something to seriously consider.

Dollar stores, and similar discount stores, typically cater to those with family incomes less than $40,000 per year, and in recent years they have seen a rise in overall business as people who would normally shop at stores with more expensive prices have patronized the store in order to save money. For some, making cuts on everyday things has helped them catch up on their bills, especially if they get help working with creditors toward a debt settlement. For others it is not enough to avoid bankruptcy.

For those who do file, bankruptcy can provide a much needed clean slate, but still budgets remain important in order to assure that a person makes the best financial choices they can. There are also consequences regarding credit rating, so the decision to file should be made only after careful consideration and with the help of a professional.

Many people who file find that they need to pinch pennies and be extra careful with their finances for a while, but many do come out on the other end better off. By learning to better anticipate their financial boundaries and living within them, they eventually earn the respect of new creditors.

Source: Huffington Post, “Family Dollar Shoppers Couldn’t Afford Toys This Holiday Season, Execs Say,” Alice Hines, Jan. 3, 2013