WASHINGTON–Consumers are being reminded by CUNA that decisions made in the Christmas present can go a long way toward keeping away the Ghost of Christmas Bills Future.
“You can get into a lot of trouble financially around the holidays,” reminded Mike Schenk, deputy chief advocacy officer for policy analysis and chief economist with CUNA.
Schenk cited data from the National Retail Federation that projects holiday spending will be up 4% in 2019, which is substantially higher than the 10-year average and is approximately $5,700 per household.
That figure is so high, said Schenk, because it includes all holiday-related expenses beyond just gifts, including travel, food and more.
“We’re urging consumers to do two real simple things,” said Schenk. “Make a list and check it twice. List all of your gifts to avoid overspending, and then check twice. Remember you are spending on other things than just gifts. Ask yourself, ‘Does this particular thing I am going purchase earn its place in our celebration?’ Comparison shop and do it wisely—make sure you are purchasing from a secure sight that has solid reviews. Make sure you are at a site with the correct Internet address. If it seems too good to be true, it probably is.”