RethinkingDebt Holiday Spending Quiz

HOLIDAY SPENDING QUIZ HELPS CONSUMERS DETERMINE

IF THEY SHOULD BE SHOPPING THIS HOLIDAY SEASON

Rochester, NY - Almost one in every 10 Americans is currently unemployed. Foreclosure filings in the third quarter were up four percent over the previous quarter. Personal savings, if it exists at all, is a fraction of what it should be. And the biggest shopping season of the year is upon us.

Considering the volatility of the economy, consumers would be well-served to take a hard look at their personal financial situation and evaluate how to best approach the holiday season. Self-inflicted financial pain that could have negative consequences for years to come is a gift to no one.

RethinkingDebt.org suggests that consumers take the following true or false Holiday Spending Quiz to assess their current financial stability before they begin shopping:

• There are arguments in my home about money.
• I sometimes hide my purchases.
• I have thought about filing for bankruptcy.
• I struggle to make my mortgage payment.
• I sometimes pay my bills late.
• I have used more than 30 percent of my available credit lines.
• My debt interferes with my sleep, job or home life.
• I have little or no savings.
• I am receiving collection calls or notices.
• If I lost my job, it would mean an immediate financial crisis in my life.

 “The harsh reality is that consumers who answer ‘true’ to two or more of the above are not candidates for a holiday shopping spree,” said CEO Linda Howland  “Ignoring the reality of your financial situation will almost certainly lead to further financial distress down the road. It will come in the form of an unmanageable debt load, resulting in a damaged credit report and lower credit score, likely limiting your access to future credit. If there were ever a year to approach holiday spending with your head instead of your heart, this is it.”

RethinkingDebt.org supports financial responsibility, regardless of the season. With the ghosts of Christmas past still lingering on many credit cards, piling new debt on top of old cannot be considered responsible by any measure. With any sacrifice comes reward, and the benefits of not having a mailbox full of bills in January will likely outweigh any lifestyle spending adjustments consumers make during the holidays.

If you're wondering how to deal with holiday spending on a limited budget, reach out for help to RethinkingDebt.org. To find the location closest to you, call 1-888-724-2227 or go online to www. RethinkingDebt.org. 

About RethinkingDebt.org

RethinkingDebt.org is proud to be the only locally based non-profit Credit Counseling Agency in the greater Rochester area. Over the last 40 years, we’ve helped hundreds thousands of people understand their options for improving their personal finances and getting out of debt – helping to keep their families and homes secure. Today in order to offer our proven processes and superior services to a wider audience, we have rebranded ourselves for a more meaningful identity and are expanding our offices to new locations. By providing financial education and teaching responsible debt management and budgeting principles, we can safely help you improve your financial situation. Visit our website at www.rethinkingdebt.org to find the office located nearest you.

About the NFCC

The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit credit counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior and build capacity for its members to deliver the highest quality financial education and counseling services. NFCC members annually help close to four million consumers through 800 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC member, call1-800-388-2227, (en Español 1-800-682-9832) or visit www.nfcc.org.