|ASSOCIATION OF INDEPENDENT CONSUMER CREDIT COUNSELING AGENCIES|
Consumer credit counseling, debt management, and financial education services provided by non-profit credit counseling companies designed to establish equilibrium between consumers, creditors, and member agencies for the successful rehabilitation of debt-challenged families and individuals.
AICCCA Press Release
Consumer Beware of Red TuesdayTM says AICCCA
Fairfax, VA - October 29, 2012 — Even though Halloween is almost behind us, some scary surprises could still be in store for consumers who plan to shop on Black Friday and Cyber Monday. The Association of Independent Consumer Credit Counseling Agencies warns consumers that the potential consequences of charging their holiday expenses can be frightful.
The National Retail Federation predicts that consumers will spend an average of $749.51 on holiday related expenses for 2012. Charging those expenses on a credit card with an interest rate of 18 percent and making only a 5 percent minimum payment each month would take a little more than four years to repay. The added interest cost over those years would equal a whopping $252.
"Red Tuesday is a real possibility for consumers who go into the holidays without a plan," said David Jones, President, Association of Independent Consumer Credit Counseling Agencies.
To avoid a Red Tuesday in 2013, AICCCA offers the following tips for Black Friday and Cyber Monday shopping:
If you find yourself with a Red Tuesday, contact an AICCCA member at 866-703-8787 or visit www.aiccca.org for help.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.