Overspending and wasteful consumption

Wishing you a Merry, Jolly and Blessed Christmas!

Just like the Magi, we give honor and praise to our Lord bearing gifts for Him that we deliver to others.  Didn't He say,  'whatever you do to the least of my brethren, you do unto me'. What might you do?  A good turn, a kind word, a thoughtful gesture, provide a meal to the less fortunate and so much more. For most people, such acts of kindness are represented by a gift.

If you don't have a list, like Santa does, we tend to overspend and buy stuff that are not useful to or appreciated by the recipient.

It's a couple of days before Christmas. If you do not have any idea of a present to give thanks, show appreciation or make peace, get one of those nicely-designed money envelopes designed to hold cash.  There are also those novel creations that hold gift cards. No wasteful consumption, overspending and best of all, no returns and no exchanges.

A few things to keep in mind about gift cards-

• There are limits on expiration dates: The money on the gift card will be good for at least five years from the date the card is purchased. Any money that might be added to the card at a later date must also be good for at least five years.
• Replacement cards: If the gift card has an expiration date you still may be able to use unspent money that is left on the card after the card expires. If your card expires and there is unspent money, you can request a replacement card at no charge.
• Check your card to see if expiration dates apply, fees are disclosed and there are limits on fees.

Get more information at http://www.federalreserve.gov/consumerinfo

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Has Christmas become synonymous with spending?

Say 'Christmas' and people across generational lines think 'presents'. Christmas is a birthday celebration after all. The Magi brought the baby Jesus gifts of gold, frankincense and myrrh. Today, the real message of Christmas gets lost amid a flurry of activities that include shopping, putting up decorations, parties, homecoming visits and more shopping that all come to an end the day after Christmas (or some time thereafter). There are lots of wonderful memories for sure but in its aftermath most people are saddled with debt.

Oh, the convenience offered by a credit card... just lovin' it! You are satisfied. You got your wants and needs covered without shelling a dime. Do you realize that you now have a loan that must be paid back in 30 days? You don't have to but if you do not pay the full amount due, the finance charges can quickly throw you into a pit that is designed to make it difficult for you to climb out.

Be smart and shop for the lowest APR on credit cards. The annual percentage rate (APR) is the cost of credit on an annual basis expressed as a percentage rate. When stated in dollars, the finance charge is the total dollar amount shown on your credit card statement and includes interest and other fees. Interest is the price you pay for using the credit card company's money. Here are a few tips:

1. Use no more than 28% of your credit limit
2. Read the terms of your credit card agreement
3. Minimize the interest costs by paying as often as allowable within the billing cycle
4. If you are not able to pay the full amount due and must carry the balance forward, do not make any additional purchases until the balance is paid in full.

The new Card Act that was signed in 2009 provides credit protection for consumers. The highlights are on page 58 of Destination Points - A Values Driven Journey available here http://www.viacompass.com/financial_stability/limited_copies_-_order_today

Take charge - don't spend money you don't have!
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