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The AICCCA mission is to promote quality and professional delivery of credit counseling services. AICCCA independent non-profit member agencies assist millions of consumers annually with counseling and debt management services. Find out more about joining the AICCCA.

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AICCCA Says Consumers Need a Plan to Avoid Red Tuesday ^TM

FAIRFAX, VA - November 17, 2011 — Black Friday is almost here, followed closely by Cyber Monday, both of which bring sales that are hard to resist. The Association of Independent Consumer Credit Counseling Consumers says that consumers who are going to advantage of these sales need to be aware that a Red Tuesday could be the result of charging their holiday expenses.

Consumers are expected to spend an average of $704.18 on holiday related expenses for 2011 according to the National Retail Federation. Charging that amount on a credit card with an interest rate of 18 percent and making only a five percent minimum payment each month would take almost four years to repay. Add $233 in interest charges during that time and consumers will find that their 2011 holiday expenses cost close to $1,000.

"Red Tuesday is a real possibility for consumers who do not take the time to plan," said Dave Jones, president, Association of Independent Consumer Credit Counseling Agencies.

In order to avoid a Red Tuesday in 2012, AICCCA offers the following tips for Black Friday and Cyber Monday spending:

Write it down. Look over the ads and make a list before you shop, whether online or in person. A complete list makes it easier to walk away from impulse buys.

Pay with cash. For Black Friday shopping, determine the amount of money you have on hand to spend and take only that amount of cash with you when you shop. Be sure to leave your credit cards at home so that when you run out of cash, you will have to stop.

Do your homework. For Cyber Monday shopping, search for free shipping and coupons. Be sure to shop only at sites you trust. Credit cards are actually a safer option for online shopping. To avoid incurring interest charges and adding to your debt load, charge only the amount you can pay in full as soon as the bill arrives. If you go over that amount, try to charge no more than what you can pay off in 90 days or less.

If your Tuesday is red, contact an AICCCA member at 866-703-8787 or visit www.aiccca.org.

Founded in 1993, Association of Independent Consumer Credit Counseling Agencies (AICCCA) is a national membership organization, established to promote quality and consistent delivery of credit counseling services. AICCCA and its members are focused on improved creditor relations, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, counsel millions of consumers annually nationwide and provide debt management services to consumers with excessive unsecured debt. For more information or to contact an AICCCA member office call 866-703-TRUSTAICCCA (866-703-8787) or visit www.aiccca.org.

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