Credit counselor: Those with debt (any debt!) should skip holiday shopping

Financial advisers and other consumers with any debt at all need to become more Scrooge-like this holiday season and avoid buying presents altogether, cautions a credit counseling organization. The day after Thanksgiving, the biggest shopping day of the year, is just around the corner. But consumers with debt should stay home from the malls on Black Friday – and the rest of the holiday shopping season, for that matter -- said Gail Cunningham, national spokesperson for the National Foundation for Credit Counseling in Silver Spring, Md. She predicts even the affluent will likely spend less money on their holiday gifts this year. “I think frugal is fashionable,” Ms. Cunningham said. “Even those who don't need to embrace that [thrifty] lifestyle are nonetheless caught up in it. I wonder if excessive spending has now become distasteful.” The NFCC suggests consumers take the following Holiday Spending Quiz to assess their current financial stability before they begin shopping. Anyone answering true to two or more items should consider not spending for the holidays: • There are arguments in my home about money. • I sometimes hide my purchases. • I have thought about filing for bankruptcy. • I struggle to make my mortgage payment. • I sometimes pay my bills late. • I have used more than 30 percent of my available credit lines. • My debt interferes with my sleep, job or home life. • I have little or no savings. • I am receiving collection calls or notices. • If I lost my job, it would mean an immediate financial crisis in my life.