ABA Says, 'Tis The Season to Use Credit Wisely

ABA Education Foundation Savvy Holiday Spending Tips

WASHINGTON, Nov. 24 /PRNewswire-USNewswire/ -- As the gift-giving season approaches, the American Bankers Association Education Foundation and getsmartaboutcredit.com partners have tips to help consumers use credit wisely and avoid a holiday hangover.

"Basic holiday expenses can put a strain on consumers' finances -- especially in an already stressed economy," said Laura Fisher, the ABA Education Foundation's director. "Being a savvy spender is key to avoiding the debt of Christmas past and having a financially happy new year."

The ABA Education Foundation and credit card providers encourage consumers to be of good cheer this season using the following tips:

-- Create a Budget

Before you start your holiday shopping, develop a realistic budget. Be as detailed as possible. Look at past banking and credit card statements as well as receipts from last year to gauge your holiday spending.

-- Be a Scrooge

The fewer lines of credit you have, the easier it is to keep track of bills and pay off debt on time. Use caution when you consider applying for additional cards.

-- Don't Let the Grinch Steal Your Holiday

Beware of fraudsters or suspicious offers to buy products. Do not enter your credit card number unless you are certain the Web site is trustworthy. Keep receipts and billing statements to check for unauthorized charges. Shred documents that contain personal information.

-- Do You Hear What I Hear?

Understand the terms of your credit card. Credit cards are great financial tools when used with care. Use ABA's "Guide to Credit Cards" [Link: http://www.aba.com/aba/documents/press/ccguide_62207.pdf] to understand the specifics of credit card use.

-- Fight the Temptation

Holiday shopping can be overwhelming and sale items can make it difficult to say no. Resist impulse shopping and stick to your budget.

Sponsored by the ABA Education Foundation, the Get Smart About Credit program has connected more than 10,000 bankers with some 445,000 students for lessons on responsible credit use.

Visit www.getsmartaboutcredit.com for more holiday spending and financial management tips. Consumers can also access more than 20 online credit education programs developed by credit card providers and financial institutions.

SOURCE American Bankers Association Education Foundation