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Do you look forward to the holidays each year, but dread receiving those credit card bills in January? You are not alone. A survey conducted last year by the American Bankers Association found that the average consumer takes about six months to pay off holiday bills, with interest charges adding to their problems.
According to the Consumer Credit Counseling Service of Los Angeles (CCCS-LA), consumers can best avoid overextending themselves by adhering to these basic tips:
-- Get a plan and stick to it. Develop a workable budget, considering each person you will be buying for, and remembering to include all holiday-related expenses, such as cards, postage, special clothing, and travel. Compare the total with the amount you have to spend, and trim where necessary.
-- Evaluate your gift list and get creative. Try limiting your gift-giving list to family and close friends. For those not on that list, consider sending a personalized holiday note, card or e-mail. Handmade gifts are often the most appreciated, and many times don’t cost very much.
-- Shop smart - and early. Begin shopping before the holiday rush. This will leave you time to comparison shop and hunt for the best buys, instead of buying the most convenient item because you’re out of time.
-- Use credit wisely - and sparingly. Take only one or two of your lowest-rate credit cards with you. Keep a tally of expenditures as you go, retaining all receipts.
-- Refrain from tempting yourself - and avoid those “extras”. Sometimes the little things can really add up.
The CCCS-LA, a non-profit community organization, offers free budget counseling and money management education. To schedule an appointment with a debt counselor, call 800-750-2227. For further information on these and other programs offered by the CCCS-LA, visit their web site www.cccsla.org.
