Davis, a certified consumer credit counselor with Consumer Credit Counseling Service, helps people bail themselves out of their Christmas shopping hangovers, when balances reach their limits or debtors simply cannot figure out how to make minimum payments. The flood of consultations coincides with the time holiday shoppers' credit card statements add a sobering element to their post-holiday malaises. Credit counselors such as Davis warn shoppers who feel fattened by the longest U.S. economic expansion in history to tread carefully this holiday season. After all, personal savings rates actually were negative in October.
Credit is very easy to get.
Since late July, stock markets have behaved like Mr. Toad's Wild Ride, yet failed to deter many from ramping up spending habits. Between the day after Thanksgiving and Christmas Eve, consumers will be tempted to overspend, says CCCS, a nonprofit agency. Stores roll out the red carpet during the holiday shopping season with extra hours, promotions and flexible payment plans to coax extra purchases, Gray said. The CCCS makes several suggestions to avoid the typical holiday shopping hangovers that can last months. Shop around and make a list indexing what gifts cost how much at each store.