AICCCA Warns Consumers that the Use of Credit on Black Friday and Cyber Monday Could Result in a Red Tuesday^TM

Fairfax, VA - November 3, 2010 — As Black Friday and Cyber Monday approach, the lure of big sales could cause a "Red Tuesday" for consumers. The Association of Independent Consumer Credit Counseling Agencies urges consumers to consider the potential consequences of charging their holiday expenses. The National Retail Federation predicts that consumers will spend an average of $688.87 on holiday related expenses for 2010. Charged on a credit card with an interest rate of 18 percent and making only a five percent minimum payment each month, it would take four years to repay the $688 in holiday expenses. The interest cost over those years would equal an additional $225.

"A Red Tuesday is a real possibility for some consumers," said Dave Jones, president, Association of Independent Consumer Credit Counseling Agencies. "They can certainly take advantage of Black Friday and Cyber Monday sales, but with proper planning."

AICCCA offers the following tips to control Black Friday and Cyber Monday spending and avoid a Red Tuesday in 2011:

1. Stick with a list. 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.



2. Rely on 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.



3. Plan online shopping carefully. Search for free shipping and coupons and 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. No matter what, charge no more than what you can pay off in 90 days or less.




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.