AICCCA Offers Black Friday and Cyber Monday
Shopping Solutions to Fit Every Style
Fairfax, VA - November 19, 2007 — One of the busiest shopping days of the year and the official start of the holiday shopping season, the day after Thanksgiving falls on November 23 this year. Known by retailers as "Black Friday" it will be followed by "Cyber Monday" on November 26, a peak day for Internet sales. To avoid overspending at the stores or online, the Association of Consumer Credit Counseling Agencies (AICCCA) recommends shoppers take a moment to determine their shopping style and have a plan before they hit the stores. AICCCA members have 250 offices in 38 states, providing service to more than 630,000 active Debt Management Program (DMP) clients.
"Holiday shopping without a plan can be a recipe for debt disaster," says David Jones, president, AICCCA. "We often see an increase in clients after the first of the year because of poor holiday financial planning."
AICCCA understands that every consumer has different needs and concerns when planning for holiday expenses. Some shopping personalities or styles may be prone to spend more than they can really afford. Consumers may benefit from determining their style before making their own plan. AICCCA offers these profiles and tips for each:
The plan-ahead shopper. This shopper is the one we all want to be, but many aren't. These are also the shoppers we love to hate, having finished their 2007 holiday shopping before Halloween. Borrow from their style by creating a holiday gift budget. To determine your budget, communicate with family members and decide the total amount of money you have to spend for gifts. Then sit down and map out how the money will be divided among the list. Remember that if you spend more than you planned on one gift, you need to be make up for that amount on another gift or in another area of holiday spending.
The impulse shopper. This shopper is not a list maker. They find a gift and they buy it. If this is you, you will benefit from spending a few minutes thinking about the gift before you buy it and asking yourself these questions: Will the person enjoy, use and appreciate the gift? Could I find this gift or a comparable gift for less money somewhere else? Shop with a set amount of money to spend, withdraw the cash to make those purchases and when the money is spent, go home. Don't forget to track the gifts you've purchased and make sure you are staying within the budget - the one you borrowed from your friend, the plan-ahead shopper.
The inspirational shopper. This is the person who goes out shopping, looks around and decides then and there what to buy. If this sounds like your style, you need to leave your money and credit cards at home and indulge in some good old-fashioned window-shopping first. Take along a pen and pad of paper so that when inspiration strikes, you can write down the gift, where you found it and the price. After you have found gifts for everyone on your list, add up the total. Compare your shopping total with your gift budget. If you go over, you will need to make adjustments by looking for the item on sale or finding a similar, less-expensive item. Once you have made sure that you can spend that amount of money, go back to the stores with your list in hand and buy only the gifts on the list.
The non-shopper. This consumer knows the exact number of gifts they must purchase, so they go to one store and buy those gifts as quickly as possible. The problem with this style is that by limiting yourself to one store, you may be spending more than you need to. If this is your style, you might benefit from Internet shopping. This will allow you to shop from several different merchants in a short amount of time and could save you money in the process. You might also consider giving gift cards or certificates. There is virtually no shopping involved for you and the people you buy for can choose their own gift. Best of all, you will not overspend because you will have planned the amount you can afford and bought the gift cards in that amount.
The last-minute shopper. This shopper may be in the most danger of spending too much, because the holidays sneak up on them and they find themselves in the stores in a panic. If you find yourself in this situation, take a deep breath. Time may be short, but you need to avoid buying just any gift, particularly one that puts you over your budget, just to have a gift to give. Make a plan before you leave home and list each person you need to buy for, what gift you want to buy for that person and which stores you'll need to shop at. Enlist the help of one of your plan-ahead friends to come shopping with you and send them off to purchase some of the gifts on your list. Or give a gift IOU and shop the after-holiday sales. Chances are you can save some money and extend the holidays for the people on your gift list.
For every style of shopper, AICCCA recommends spending cash on hand and avoiding the use of credit at the holidays. Remember if you do decide to use credit, only borrow what you can repay within sixty to ninety days. This will keep the debts of holidays past from haunting you in 2008.
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.
