"Don't Become a "Debt-head" for the Holidays!"
|San Diego, CA.
'Improve Spending Techniques, Avoid Using Credit Cards and Prevent Debt
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
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
6. If you give money as a gift, a U. S. Savings bond costs half its
7. Save on greeting cards and postage by only sending to
8. Make gifts at home: baked goods, picture collages, or arts and
9. Place credit and debit cards in protective sleeves with a warning
10. Place warning labels on credit and debit cards as a
reminder to spend cash..
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 - is dedicated to helping consumers
of all ages to improve their spending, increase savings and use credit
more wisely. The years between 1984 and 2000, the ICFE was also known as
the National Center for Financial Education (NCFE).
The ICFE is a nonprofit consumer education organization that has helped millions of people through its education programs and Resources. Over
one million "Credit
/ Debit Card Warning
Labels” and "Credit
/ Debit Card Sleeves” are in circulation world wide.
The ICFE's on-line help for consumers who spend too much
was featured in PARADE Magazine (June 9th, 2002) in the Intelligence
Report section. The money helps and tips are from the "Money
Instruction Book," a course in personal finance, which was completely
revised and updated in 2002 and is positioned to become among the premier
programs in the new bankruptcy and debtor education initiatives.
The ICFE's "Do-It-Yourself Credit File Correction
Guide," now in its Twelfth Printing, is in use by thousands of consumer credit and debt
counselors in addition to tens of thousands of consumers. It received a
"buy” rating in July, August and November from nationally syndicated
financial columnist, Humberto Cruz in his column, "The Savings Game".
BottomLine Personal newsletter gave the Guide a "Send For” rating in
September 2001. The ICFE and our do-it-yourself approach to credit file
correction was featured on NBC Nightly News on 04-30-02. The Spanish
edition of the Guide premiered in January 2002. Syndicated columnist,
Robert Heady also gave the ICFE Guide a "buy” rating.
The ICFE Web site at: www.financial-education-icfe.org helps consumers with
mending spending, learn about the
proper use of credit, budget and expense guidelines, how to set up and implement a
spending-plan and also access financial education courses and videos and how to
teach children about money. Other ICFE services include a
free eNews, and an
on-line resource center of financial education
learning tools, including videos, books and personal finance courses.
Consumers may learn more on the Internet about the "Do-It-Yourself
Credit File Correction Guide" here, or fill out our request
form, indicating your areas of interest.
For more information contact Paul S. Richard ICFE Executive Director at 619-239-1401.