Merry Christmas?
Bah-Humbug!
"Scroog-O-Meter" tells how long it takes to pay off holiday debt
When the holidays arrive,
most of us feel the urge to splurge, not skimp, on holiday gifts. More
shoppers will be doing just that this holiday season, according to the
National Retail Federation, which found in a recent survey that shoppers
anticipate spending nearly $800 on gifts this year, up nine percent over
last year.
Just be sure your feel-good
generosity doesn’t set you up for feel-trapped financial regret after the
holidays, suggest Darryl Dahlheimer, program manager of financial
counseling for Lutheran Social Service.
“No one likes to be Scrooge, but it’s good to take a reality check before we get too carried
away with gift-giving,” Dahlheimer said. “Some people are still living
with the pain of paying off holiday debts from last year. Overspending can
really take the joy right out of the holidays. Before buying an MP3 player
or some other expensive gizmo this year, add the Scrooge-factor and ask
yourself: ‘Can I really afford this?’”
To help consumers avoid
months of pain that can come with holiday spending, Lutheran Social
Service has created a Scrooge-O-Meter, or online holiday calculator that can
help shoppers determine how long holiday gifts and expenses will take to
pay off. You can find the calculator at
www.lssmn.org/debt/scroogecalculator
Here are some ideas to help
you develop a holiday shopping plan:
Know your limits: Having a holiday budget and making a list can help you
resist temptation to overspend or impulse shop.
Comparison shop:
Visit websites, such as, pricegrabber.com that compare the same item at
various stores so you can get the lowest price.
Bake your gifts: Make
special cookies, gourmet pretzels or holiday goodies and deliver your
fresh-baked goods to neighbors, teachers or elderly shut-ins in the
community. Gifts don’t have to be expensive to be meaningful.
Do things together: While Americans agree that holidays have become
too commercial. Choose simple gift-giving and develop holiday traditions
that cost nothing.
Finally, if you do have
financial holiday pain, get help. Lutheran Social Service has certified
financial counselors who offer debt management plans and free budget
counseling. LSS is a member of the National Foundation for Credit
Counseling (NFCC). For more information, call 1-888-577-2227 or visit
www.lssmn.org/debt
