Fairfax, VA - October 26, 2007 — From trick or treating to Easter baskets, the parade of holidays from now through March could have families marching to the beat of the credit collector's drum. The Association of Consumer Credit Counseling Agencies (AICCCA) recommends a holiday or celebration line item in every month's financial plan. AICCCA members have 250 offices in 38 states, providing service to more than 630,000 active Debt Management Program (DMP) clients.
"While many consumers may plan for the big holiday expense in December, they may not plan for the other times during the year they are celebrating and spending money," said Dave Jones, president, AICCCA. "These are the type of expenses that can add up quickly without planning."
The National Retail Federation (NRF) reports that consumers will spend an average of $38.50 on 2007 trick-or-treaters. That number can easily double or triple if you make a spur of the moment decision to rent the latest costume or buy one of those great Halloween inflatables like the neighbor has.
Just as you get rid of the last of the Halloween candy, here comes Thanksgiving. The American Farm Bureau Federation said that in 2006 a turkey dinner with all the trimmings cost a little more than $38 for a family of 10. But if you throw in a special centerpiece or decide to have prime rib instead of turkey, that amount can grow by leaps and bounds.
Even minor holidays and parties like Super Bowl Sunday and St. Patrick's Day can cost more than consumers may anticipate and need to be considered every month. Don't forget about monthly birthdays and anniversaries as well.
AICCCA recommends that consumers plan for holidays and other celebrations in their monthly budgets to avoid overspending. The key to any good financial plan is to be realistic about how much you can afford to spend for holidays and celebrations and to stay within that amount. If you spend more than you planned for Valentine's Day, you may need to forego a St. Patrick's Day Celebration or cut back on your Easter plans. As always, AICCCA recommends that purchases be made with cash on hand whenever possible and avoid the use of credit cards to pay for celebrations.
Founded in 1993, Association of Independent Consumer Credit Counseling Agencies (AICCCA) is a national membership organization, established to promote quality and consistent delivery of credit counseling services. AICCCA and its members are focused on improved creditor relations, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, counsel millions of consumers annually nationwide and provide debt management services to consumers with excessive unsecured debt. For more information or to contact an AICCCA member office call 866-703-TRUSTAICCCA (866-703-8787) or visit www.aiccca.org.
