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

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.
DEC 01, 2009
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.

Latest News

Add Commonwealth Financial – a blockbuster – to the list of potential LPL targets
Add Commonwealth Financial – a blockbuster – to the list of potential LPL targets

Chatter about LPL, a behemoth, buying Commonwealth Financial Network, a boutique, has been building all week.

Younger Americans are changing the dynamics of IRAs
Younger Americans are changing the dynamics of IRAs

Millennials, Gen Zs are not following the preferences of older generations.

How does your schedule stack up against a typical advisor?
How does your schedule stack up against a typical advisor?

Report reveals how advisors in RIAs, broker-dealers split their time.

Global stock selloff continues into a third day
Global stock selloff continues into a third day

Tariffs are the focus as risk aversity intensifies.

Gold sets new record at $3,077 as trade war fears rise
Gold sets new record at $3,077 as trade war fears rise

Havens are in demand as investors weigh likely impact of tariffs.

SPONSORED Retirement plan balances are flourishing. Why are so many advisors missing out on a $3 trillion opportunity?

Participants who receive professional 401(k) advice see higher returns on average, net, than those who don't.

SPONSORED Focus on clients, not compliance – why Gary Corderman found his fit with Farther

This wealth management platform finally delivers on the technology promises other firms couldn't - giving advisors a better way to scale and serve