The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Steve Rhode, president and co-founder of Myvesta, a financial education organization, cautioned that good news for the economy does not always translate into good news for individual households. "Individuals and families are still struggling with high debts due to job losses, unexpected events and overspending. It's important for them and everyone to plan ahead so that the fun of holiday shopping doesn't create the January blues from high credit card bills," said Rhode. "A plan and sticking with it can save hundreds of dollars." Some holiday shopping tips from Myvesta include: 1. Carry only two cards when shopping. Use one with a zero balance for purchases you will pay off in full. Use the other, low-interest-rate card for purchases you will pay off over three to six months. 2. Record all of your purchases in your checkbook register. Even if you don't write a check, subtract the amount of the purchase. That way, when the bill arrives, the money will be in your checking account to pay the bill in full. 3. Avoid "skip payment" offers that cause you to pay more interest and face larger bills. 4. Avoid "buy now and pay later" offers, which encourage you to spend money you don't have. 5. Use a low-rate, major credit card instead of high-rate department store cards. 6. Don't apply for department store cards just to get a one-time discount.
