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Pressroom > News Release:
Spending Tips for Holiday Shoppers
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For Immediate
Release
Contact: Patrick Harris
Director of Media Relations
Ohio Credit Union League
pharris@ohiocul.org
800-486-2917 |
Spending Tips for Holiday Shoppers from Credit Unions
Dublin, Ohio (November 30, 2007) – Ohio’s credit unions are
reminding shoppers to spend wisely this holiday season by offering
tips on how to spread holiday cheer without falling into
unmanageable debt. It is common to open your hearts, and your
wallets, when looking for the perfect gift. However, the holiday
season can often leave those who overspend seeing more red than
green. Credit Union National Association Chief Economist Bill
Hampel says that even though consumers are concerned about rising
expenses, such as the price of gas, spending is likely to increase
slightly this year over last.
“This time of year we tend to lose weight in our back pocket,”
said Ohio Credit Union League President Paul Mercer. “While we do
not want to downplay the importance of giving to our loved ones
and those in need, we do want to make sure consumers are not
spending irresponsibly and finding themselves racking up excessive
debt.”
Here are a few ways to manage holiday spending that will allow you
to have some cheer left in your wallet for 2008.
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Make a list of who you will be buying gifts for, assign a
dollar amount, and stick to it. |
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Avoid using credit cards. Instead, pay for gifts with cash. |
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Shop early and compare prices. |
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Take advantage of sales, coupons, and special offers received
in the mail. |
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Don’t shop for yourself. |
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Pay with a
credit card if you can’t use cash; don’t use a debit card.
Under federal law you can dispute credit card charges if you
don’t get what you were promised. You also have dispute rights
if there are unauthorized charges on your credit card. |
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Protect your identity by not using debit cards when purchasing
gifts online. |
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Know return and exchange policies for the stores where you
make purchases. |
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Have a plan for paying off your bills. For example, make up
your mind to pay off your bills by Valentine’s Day. You don’t
want to still be paying for holiday gifts on the Fourth of
July. |
Also, start saving now for the 2008 holiday season. Approximately
76 percent of credit unions offer
Christmas Club accounts, which allow you to set aside a specified
amount throughout the year from each regular deposit you make.
When the 2008 holidays arrive, the funds from your Christmas Club
account are transferred into your checking or savings account and
you have a nice sum to begin shopping and spreading holiday cheer
to friends and family. Directing just $25 per bi-weekly paycheck
into a Christmas Club account will allow you to save $600 for next
year’s gift buying. This is much wiser than financing holiday
purchases on a credit card.
Still searching for the perfect gift this year? Credit unions
offer several great gift ideas, including savings accounts and
pre-paid gift cards. Savings accounts can be opened for as little
as five dollars and gift cards can usually be purchased for any
dollar amount. Best of all, credit unions were ranked fifth in
customer experience and first in ease of use, according to a 2007
survey by Forrester Research. Stop by your local credit union to
learn more about the unique gift of credit union membership and
what benefits credit unions have to offer.
Credit unions are member-owned financial cooperatives which are
democratically controlled by the members. As not-for-profit
financial institutions, credit unions return earning to their
members in the form of dividends, lower loan rates, higher savings
rates, and improved service. Credit unions consistently rank the
highest in customer satisfaction of any financial institutions,
and have been Number 1 in every American Banker/Gallup poll
conducted since 1989.
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