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Holiday Credit Trap – Don’t Spend What Isn’t Real

This weekend I was sitting in a local restaurant enjoying a quick lunch with my wife. As we were waiting for our food to arrive I couldn’t help but over hear what the couple behind us was talking about. It was obvious they were planning out their holiday shopping strategy and it was clear they were planning on spending more than they had.

Using Credit Cards for Gifts

Christmas Credit Trap

During their conversation the wife pulled out her wallet and laid out a stack of credit cards. She took one in particular and called the customer service number on the back. So while she was eating she was also having a desperate conversation on her cell phone about how much her line of credit was and how much was available versus what was needed. She told the rep on the other end that she has some special gifts to purchase and anything they could do would be great. In the end the wife received the good news, credit limit was raised, great gifts would be had. But from my perspective the only thing being had was the middle aged couple that was leveraging their future in order to have a great Christmas in the family!

Granted I don’t know the whole story and may be judging without cause but at this time of year I fear that the meaning of Christmas has become how big, expensive, or cool a gifts we can get our families. And given the continued state of the economy we all ought to be more realistic about our gift giving and expect to receive less at the same time. The gift of yourself is always the best way to express gratitude and it’s free.

My gift to each of you is to ask you give yourself a gift of a savings account for next Christmas’ budget. If you already back online or need to sign-up for a savings account it is very easy. I recently opened an account at AMEX Savings just for this purpose. Think about putting 50 to 100 dollars in your account every month. And for next year you’ll have over $600 saved for purchasing gifts with cash or even give cash as a gift. How powerful is that?!?

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