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San Diego, CA - There will be many temptations to spend using your credit
cards this holiday season. Consumers however are warned not to become
"debt-heads" by the Institute of Consumer Financial Education, (ICFE) a San
Diego based nonprofit consumer group. A "debt-head" is a person who
gets all charged up during the holidays and often ends up paying for this
year's Christmas over the next two or three years.
Avoid using credit cards for holiday purchases because they have a message
and that message is "spend" says the ICFE. Many consumers report that they
spent more than fifty percent of what they had
originally planned using credit cards for holiday gifts. The strong messages
to spend often leads to indiscriminate credit-based spending decisions and
committing future income not yet earned. This could make the holidays last
for a year or longer, but without the celebrations.
To improve holiday spending techniques, try the following suggestions:
1. Plan ahead using a list noting gift suggestions and dollar limits.
2. Begin setting aside available dollars now for gift-giving.
3. Start looking early for bargains. Consider swap-meets, garage
sales, etc.
4. Spend cash only. Avoid credit cards and writing a lot of checks.
5. Give gifts that don't cost out-of-pocket money (baby-sitting, car
washes).
6. If you give money as a gift, a U. S. Savings bond costs half its
face value.
7. Save on greeting cards and postage by only sending to
out-of-towners.
8. Make gifts at home: baked goods, picture collages, or arts and
crafts.
9. Place credit and debit cards in protective sleeves with a warning
message.
10. Place warning labels on credit and debit cards as a
reminder to spend cash.
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About the ICFE:
About the
ICFE:
The Institute of Consumer Financial Education (ICFE), founded in 1982 by the
late Loren Dunton (creator of the “certified financial planner” (CFP)
designation) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
The ICFE is an award winning, nonprofit, consumer education organization that
has helped millions of people through its education programs and resources. It
publishes the Do-It-Yourself Credit File correction Guide, now in its 16th
printing and has distributed over one million “Credit/Debit Card Warning Labels”
and “Credit/Debit Card Sleeves” world wide.
The ICFE became an official partner with the Department of Defense/Financial
Readiness Campaign in June of 2004.
The ICFE is also a partner in the national Jump$tart Coalition for Financial
Literacy and the California Jump$tart chapter. The ICFE staff is also active
with San Diego Saves, an offshoot of America Saves, and the California Student
Debt Resource Awareness Project (CASDRAP) (studentdebthelp.org).
The ICFE’s on-line help for consumers who spend too much was featured in PARADE
Magazine in the Intelligence Report section. The money helps and tips are from
“The Money Instruction Book,” a course in personal finance, positioned to become
among the premier programs in the new bankruptcy and debtor education
initiatives.
The ICFE Web site at:
http://www.icfe.info helps consumers with mending spending, learning about
the proper use of credit, budget and expense guidelines, how to set up and
implement a spending-plan and also how to access financial education courses and
videos and how to teach children about money. Other ICFE services include a free
eNewsletter, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.
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