November 26, 2007 Spanish
With Black Friday behind them, consumers are riding into the 2007 holiday shopping season like Custer heading into the Little Big Horn. Waiting patiently are the nations retailers, who hope to convince them to spend more money than they did last year.
For most people, surviving the holiday season with their finances intact will require planning, creativity and discipline. Bankrate.com has come up with seven things consumers should do to avoid financial disaster.
1. Make a list You need to know who you are buying presents for and how much youre going to spend. If you dont have that critical piece of information, the site warns, youre headed for financial disaster this Christmas.
2. Dont act like youre Santa Claus Its easy to get caught up in the spirit of the season and start buying presents for people you havent seen in years. Be reasonable about who goes on your list.
3. Go easy on the gift cards Standing in front of the gift card rack, its easy to spend more on someone than you would if you were buying them a new sweater or a CD. Archstone Consulting in Stamford, Connecticut says consumers spend an average of $53 per gift card.
4. Shop around Grabbing the first thing you see can get expensive. Personal finance experts recommend going online to comparison shop and find the best price.
5. Dont be a last-minute shopper People who put off their holiday shopping usually end up spending more money. Sure, some items may be on sale if things are slow, but its rarely the most desirable gift selections. And if youre shopping online, buying at the last minute means paying for one or two day shipping.
6. Leave the credit cards in your wallet Its one thing if you pay off your credit card balance each month, but according to the U.S. Government Accountability Office, 46 percent of Americans dont. If youre one of them, pay cash or dont buy it, the Web site advises.
7. Avoid deferred payment plans There will be no shortage of pitches offering no payments until 2009, but these are never good deals. And it's no fun to start making payments on that big-screen TV when its a year old and already obsolete.
