Watch Out for Black Friday, Cyber Monday: Having Holiday Shopping Smarts Will Pay Off in Time and Money

/PRNewswire/ -- Are you tired of the holidays yet? It's been a winter wonderland in most stores for weeks and prospective shoppers are being bombarded with special deals and offers earlier and more frequently than in past seasons. Retailers are trying to get more consumers in the stores than last year, so deals aren't just happening on one day.

With the increased competition for still limited dollars, the Illinois CPA Society says being aware of the tactics used to lure shoppers will help you spend your time and money wisely. Use this broader shopping season to your advantage – have a strategy, compare prices and stick to a budget. Here's what you'll need to watch out for:

* Black Friday "Month." No longer is there one day designated for kicking off the holiday season. Some stores have already started touting "Black Friday" sales; others will be open on Thanksgiving Day to offer Black Thursday night deals. Shopping can be fun and entertaining, but don't take every opportunity to shop and don't make impulse purchases (especially for yourself).
* Return Policies. If you're shopping early, make sure to read the fine print. Many stores have strict new return policies, especially during the holiday season. If a store won't allow anything to be returned after 30 days, you may want to hold off on purchasing until closer to the date you plan to give it to the recipient. Get gift receipts and keep in mind personal information may be requested on returns. Stores are being more restrictive on return policies and keeping close tabs on return records to prevent fraud.
* Store Credit Cards. If you already have a card from your favorite retailer, see if there are special discounts on Black Friday and the surrounding days. If you're making a large purchase, it may be worth it to open a card for the day, get the discount and immediately pay off the balance. Think twice about opening any new accounts if you can't pay off the balance; they often come with steep interest rates and your holiday savings will be eaten away in finance charges.
* Rebates. Essentially, rebates are big coupons. Spend the money now, but get it back later. The key is to be diligent about sending them in. Make sure you have receipts and any other proofs of purchase needed to process the rebate. Keep copies of these items since rebate submissions can be lost. Note the date you mail the rebate and read the fine print, especially about the dates for submitting the rebate and the time frame you have to purchase the rebate item. Although you're not necessarily saving money immediately upon purchase, think of a rebate as a gift to yourself come January – when the credit card bill is actually due.
* Cyber Monday/Online Shopping. Retailers are making greater use of email, mobile phone apps and texts. They want shopping to be as easy and convenient as possible so you spend as much as possible. Don't get carried away and think before you click. Use those special offers you get through email alerts, but be choosy in giving out contact information so you're not inundated with too many messages. Make sure personal information, like a credit card number, is provided only on secure sites.
* Bank Credit Cards. Choosing your card wisely could net savings and rewards; using too many cards can leave you in deeper credit card debt. See which cards have the best cash back or bonus point offers, which stores and purchases they apply to, and if there are any limits or restrictions.
* Gift Cards. There's good news and bad news with gift cards. Thanks to new government rules, gift cards must remain valid for at least five years from the purchase date. No fees can be charged for cards that haven't been used in the past 12 months. However, cards won't need to show the expiration date and fee policy information until the end of January. You may also be out of luck if the card's lost or stolen; some cards may also still have inactivity fees. And always watch out for the activation fee on some cards – they effectively lessen the total card value.


According to the Illinois CPA Society, the bottom line is making sure you have a game plan. Ask yourself how you're going to pay for all of this and what amount you're budgeting for the holidays. And do you have a list? Sticking to a list will help keep your spending on budget. If you can, try to make all of your purchases using cash or layaway to keep your post-holiday bills low. Be a smart shopper. It's not necessarily a deal just because the store says so, and it's not a deal if you don't need it or it's more than you want to spend.

If you're looking for a little help with your finances, you can find local deals, finance definitions and tips on managing your money on the Society's Twitter consumer resource, @thriftitude.

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The Return of the Holiday Layaway

/PRNewswire/ --Layaway may sound like an old-school concept, especially in today's "buy now, pay later" society. But the idea of setting aside products to pay for gradually is making a comeback, and is a great alternative to using credit cards this upcoming holiday season.

"The credit card allows shoppers to buy on impulse without the immediate worry of how to pay for their purchases," said Dorothy Guzek , GreenPath Debt Solutions financial counselor. "Unfortunately, when the credit card bill comes due, consumers are left with a surprise balance they can't afford to pay, because they forgot to keep track of each purchase."

Layaway may be the answer for those who can't afford to pay all at once or who simply want to avoid using credit cards this holiday season. An added benefit is that layaway helps keep prying eyes from gifts and presents before the big holiday celebration.

"Our customers are looking for ways to better manage their spending, while still getting the items they need and want," said Salima Yala , Divisional Vice President of Financial Services for Sears Holdings. "Layaway is a financial tool, much like an interest-free payment plan, that allows them to pay over a set period of time."

In addition to traditional in-store layaway, stores like K-Mart and Sears are offering online layaway programs. Online layaway lets you browse and shop for items on the web, pay over time just as you would with traditional layaway, and then pick up the merchandise in-store.

"Layaway provides customers with innovative ways to shop – and with the launch of online layaway, the younger generation of online shoppers are able to manage their budgets, and shopping needs, in a smarter way," said Yala.

GreenPath Debt Solutions offers the following tips for buying on layaway:

1. Get a copy of the store's layaway policies and staple it to your receipt. You may also find layaway policies on the store's website.
2. Make sure you understand the policies such as schedule of payments, late fee policies, refund and exchange policies, markdowns on sale prices and loss or damage of items while in layaway.
3. Be realistic in what you can afford over time and what you put on layaway.
4. Keep clear and accurate records of payments made (staple them to the original receipt and layaway policy statement) in case you have disputes later.
5. When going to the store to make a payment, use the direct in-out method. Walk into the store and directly to the layaway counter to make the payment and then walk back out to your car. Avoid the urge to shop. Preferably, make your layaway payment online and avoid the stores altogether.
6. Don't forget that, until you pay off the items in layaway, the store has your money and merchandise. If the store goes out of business while you're still paying, you could be out both the cash and goods. So only deal with reputable businesses.


Other stores offering layaway this holiday season include Sears, T.J. Maxx, Burlington Coat Factory, Marshalls and Toys R Us, among others. You many find more stores by searching the Internet.

GreenPath's Guzek reminds shoppers, "Regardless of how you decide to shop this holiday season, make a budget in advance, shop from a list, track your expenses and stick with your original plan."

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Eight Tips to Help Homeowners Get Their Loan Modification Application Reviewed by Mortgage Company

/PRNewswire/ -- Many homeowners seeking a loan modification to lower their monthly mortgage payments and avoid foreclosure continue to find the application process a complex web, often causing them to give up before their application is ever reviewed by their mortgage company.

Certified housing counselors for CredAbility, a national nonprofit credit counseling and education agency, speak daily with hundreds of homeowners seeking a loan modification or other solutions to keep their homes. The organization has several tips for people that will help them increase the chances that their application is reviewed as quickly as possible.

"A homeowner needs to collect and send several documents that tell the mortgage company why you need a modification, and it needs to be done in a timely, organized manner," said Michelle Jones, senior vice president of counseling for CredAbility. "Once a homeowner has submitted these documents, they need to stay in regular contact with the company. With hundreds of thousands of applications under consideration, homeowners must take matters into their own hands to make sure their application gets to the right person at the company."

Here are CredAbility's recommendations for homeowners seeking a loan modification:

Speak With a Nonprofit Housing Counselor to Understand Investor Rules for Your Loan. Every homeowner's mortgage loan is different, so don't rely on information you may have heard from your neighbor or your sister-in-law, even if they received a loan modification. For example, if your 30-year, fixed interest rate loan is owned by one investor, and your neighbor's is owned by another investor, the rules governing a loan modification may be quite different. A certified counselor at a nonprofit credit counseling agency can help you find the investor who owns your mortgage and determine your options.

Submit All Documents That Prove Your Current Income. Income verification is critical, but homeowners sometimes don't provide their mortgage company with recent documents. If you lost a job in June, don't provide pay stubs from March. In addition to recent pay stubs and other traditional income sources, homeowners should also provide a document called a "contribution letter." This letter explains the source of any household income that is not easily verified. For example, a servicer will want to know the total household income of a married couple, even if only one person's name is on the loan. The letter could also include income verifying that you have a roommate that pays rent.

Submit Current Bank Statements. Recent bank statements allow your mortgage company to verify your income and expenses. This information enables the mortgage company to see your monthly expenses for food, utilities and other expenses and determine whether you will have enough money to make your mortgage payment.

Mail Your Documents to the Mortgage Company. Many people prefer to send all of their documents by fax or scan their documents and send them via email. However, postal mail is usually more reliable, especially if it's addressed to the person you spoke with at the mortgage company. Faxes often get lost.

Label Each Page With Your Name and Loan Number. One of the most common complaints among homeowners is that the mortgage company loses their documents. You can help your own cause by writing your name and loan number on each page of every document.

Fully Explain Any Recent or Unique Income Changes. For example, a bank deposit may show various one-time transactions, such as an asset sale, cash gifts from family members or a bonus. Unless you explain this one-time increase in income, the servicer may not understand it and use this information to deny your loan modification.

Include a Timeline in Your Hardship Letter. Every application for a loan modification must include a "hardship letter" that explains the reasons for your request. But the letter must have specific dates explaining when an income loss has occurred. If your spouse lost her job on July 15 and your family income will decrease by $3,000 beginning in August, your letter needs to provide these details.

Call Your Mortgage Company Every Week. Many homeowners work extremely hard to submit all of their paperwork to the servicer - and then wait for weeks before picking up the telephone to call them about the status of their application. This is a mistake for several reasons: the person handling your application may quit; the application may be transferred to another person; the company may need more information. You get the picture.

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New Federal Credit Card Law - 5 Things Consumers Need to Know

/PRNewswire/ -- On February 22, most provisions of a new Federal Credit Card Law will go into effect. While many of the changes are designed to help protect card holders, it is still important that consumers practice sound credit management.

"Despite changing requirements for credit card companies, consumers should not use credit cards as emergency savings accounts or to purchase items they cannot afford," said Mechel Glass, director of education for Consumer Credit Counseling Service (CCCS) of Greater Atlanta. "Using credit wisely is the most sensible way to build, and maintain, a solid credit history."

CCCS shares 5 things consumers need to know about the new Federal Credit Card Law.

1. Rate Increases and Credit Limits. Under the new law, credit card
companies must extend promotional rates for at least 6 months and, in
general, rates cannot be raised on existing balances unless you are
more than 60 days late with your payment. Creditors may lower credit
limits or close accounts without prior notice to cardholders."Consumers
who are more than 60 days late and experience a rate increase are
eligible to have the original rate restored after six consecutive
months of on-time payments," said Glass. Creditors may still raise
rates on new balances with a 45 day notice to cardholders, compared to
the 15 days required under prior legislation, and there is no cap on
interest rates.Purchases may be declined if a credit limit has been
reduced and a pending purchase would result in going over the limit.
Institutions may offer consumers the option of exceeding their limit in
exchange for fees, but only one "over the limit" fee may be charged in
a billing cycle. "Make sure you clearly understand the fees involved,"
said Glass.


2. Payment Protection and an end to Double Billing. Payments received on
the due date, or the following day if the creditor was closed and did
not accept payment, are considered on time, as are payments made at a
local branch. This can help consumers avoid late fees, as payments must
be processed the same day they are received."Under the new law,
consumers cannot be charged interest twice on the same balance," added
Glass. The practice of basing finance charges on current and previous
balances is no longer permitted.


1. How to Keep Your Credit Card "Active"One by-product of the new law is
that some credit card companies may close a consumer's account if they
see a card is unused. To keep your credit cards "active," Glass
recommends that consumers may want to purchase gasoline once a month
with a credit card and pay it off quickly. She says this recommendation
will help consumers who have low balances on credit cards that
otherwise may be closed by their card company due to inactivity.



1. More Favorable Payment Allocation and TimingIn most cases, current
credit card agreements outline plans to apply payments to the lowest
rate balances first. Under the new law, any payment above the minimum
amount due must be applied to the highest rate balances first. In a
provision that went into effect last August, credit card companies must
send statements 21 days in advance of the payment due date, compared to
14 under the old requirements.

2. Gift card protectionOf the $87 billion dollars in gift cards estimated
to be purchased in 2009, approximately 6 percent, or $5 billion dollars
will go unused. Many will be eroded by fees and eventually expire
without ever providing a benefit to the recipient. Under the new law,
gift cards will not be able to expire for at least 5 years, and
inactivity fees will not be able to begin before 1 year after the card
is issued.


Changes in the credit card law are designed to help consumers be better fiscal managers. To help consumers navigate the new requirements, Glass recommends that consumers continue to use credit wisely. "Use credit cards only to make purchases that you are prepared to pay off when the bill comes in. Pay bills in advance of the due date and work toward creating an emergency savings account that will reduce dependence on credit in the event of unplanned events."

Need help getting your credit under control or understanding how the new laws might impact you? CCCS can help. Our certified counselors can help you review your current financial situation and work with you to create a budget and financial plan to get you back on track. Contact CCCS at 800-251-2227 or online at www.cccsinc.org or www.cccsenespanol.org.

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Five Gifts to Give Yourself in the New Year

/PRNewswire/ -- The holidays are a wonderful time full of having fun with friends and family and giving gifts to the people we care about. For many consumers, however, the joy of the season will soon be replaced by the stress of paying holiday debt.

"It is easy to get caught up in the excitement of giving during the holidays," said Mechel Glass, Director of Education for Consumer Credit Counseling Service of Greater Atlanta (CCCS). "But many overdo a good thing and then struggle to make even minimum payments on their credit cards."

CCCS of Greater Atlanta advises consumers to top their list of New Year's resolutions with a commitment to improve their financial outlook. To help consumers tackle what can be a stressful time, CCCS suggests following the following tips:

1. Know how much you owe. A common mistake is not keeping track of debt.
The thinking is that as long as you can keep up with the payments,
everything is fine. However, if circumstances change due to a layoff
or other unexpected event, you could find yourself unable to make
payments and in immediate financial stress. The only way to understand
what you are facing is to have a realistic picture of what you owe.
Gather all your credit card statements and other bills and add up the
total.
2. Create a spending plan. The easiest way to take control of your money
is to set out a plan for how you will spend it. This is not glamorous
and can be something of a task, but it gives you the power to decide
where your money goes. The plan should be flexible and include monthly
expenses such as mortgage or rent, utilities, food, transportation,
entertainment, clothing, etc. Make sure your expenses are not more than
your income. If they are, go back to the plan and make adjustments.
3. Pay off credit card debt. The average household has more than to $8,300
in credit card debt (Nilson Report, April 2009) and the interest paid
on those balances can be as high as $1,500 a year. Just think of what
you could do with an extra $125 a month in your budget! Stop charging
additional purchases today and make a commitment to yourself that once
you have paid off your debt, you will not charge any purchases unless
you have a plan in place to pay off the balance in 90 days or less.
Sacrifices now will mean less stress and a better financial future.
4. Build a savings cushion. Once you have paid off your credit card
balances, you should begin to build a savings cushion for emergency or
unexpected expenses or if you lose your job. Your goal is three to six
months of living expenses put aside in a savings account. With this
cushion in place, when the refrigerator stops working, your car's
transmission gives out or your mother-in-law moves in, you will not
have to put those unexpected expenses on a credit card.
5. Develop a strategy for your financial future. Set aside time at least
twice a month to manage your finances including paying bills, balancing
your checking account and analyzing your expenses. Begin thinking
about, and planning for retirement--consider when you would prefer to
retire, how much money you will need to live the lifestyle of your
choice and what you need to do now to get there. Establish a retirement
fund and contribute to it on a regular basis.


Not sure where to start? If you are feeling overwhelmed, there is help. CCCS of Greater Atlanta provides confidential budget counseling, money management education, debt management programs and other services to help consumers. Contact CCCS at 800-251-CCCS or online at www.cccsinc.org.

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Weathering Tough Financial Times: Nine Tips For 2009

(NAPSI)-The financial crisis of 2008 battered the wallets of many Americans, leaving them unable to make ends meet. While saving and investing may be difficult, it's critical to weathering tough financial times. These nine tips from the Financial Industry Regulatory Authority (FINRA) can help:

1. Pay down credit card debt. Banks are increasing interest rates and late fees, leading to higher borrowing costs. They're also reducing limits on credit cards, which can lead to lower credit scores if you don't pay down your balance.

2. Check your credit report. With credit becoming harder to get, make sure your credit history is accurate-and correct problems that may hurt your credit score. For your free credit report, call (877) 322-8228 or visit www.annualcreditreport.com.

3. Create a rainy-day fund. One in three Americans has no emergency savings. Aim to save at least one month (preferably three to six months) of your current salary in a federally insured savings account.

4. Open account statements. Although you may be tempted to avoid the trauma of seeing losses in your portfolio, ignoring your 401(k), IRA or brokerage accounts can blind you to problems in your accounts other than performance.

5. Avoid raiding your 401(k). One in five workers over age 45 stopped saving for retirement in 2008 because of economic conditions. Before cutting contributions or borrowing against your 401(k), reduce spending wherever possible.

6. Diversify. If your portfolio declined more than broad market indices, make sure you are well diversified. Spread your risk by distributing your investments both among different asset classes-stocks, bonds and cash-and within each class.

7. Know that fees matter. Find out what each investment costs. The higher the fees and expenses, the less real return you make. Compare mutual fund costs using FINRA's Fund Analyzer at www.finra.org/fundanalyzer.

8. Protect yourself from identity theft. Phishing attacks surged in October 2008 by 103 percent following stock market drops. To avoid taking the bait, visit FINRA's Identity Theft resource at www.finra.org/identitytheft.

9. Invest for the long term. Investors with a short-term outlook often jump ship just as a bear market bottoms out or jump in as a bull market peaks. Investing incrementally, in good times and in bad, is a tried-and-true way of bearing up in a bear market.

As you start the New Year, take time to set fresh financial goals and stick with your long-term plan. For more resources and tools, visit www.finra.org.

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Money Management Tips for the Newly Unemployed

PRNewswire/ -- With the nation's unemployment remaining high, Consumer Credit Counseling Service (CCCS) of Greater Atlanta today reminds people who have lost their jobs to continue paying their bills on time and managing their credit wisely during this difficult period.

Managing your credit during unemployment is critical since having good credit is a requirement for some jobs. "Some people have the professional and education background for a new position, but may have an inability to pay bills on time," says Mechel Glass, CCCS of Greater Atlanta's director of education. "Failing to manage your finances during unemployment could affect your credit report and hurt your chances of landing a new job."

As part of its education mission, the national nonprofit credit counseling agency teaches classes on money management. Below are some money management tips to help people through a period of unemployment, as well as long-term tactics to implement once they have a new job.

Short-Term Money Management Tips

People who have recently lost a job should determine if they are eligible for unemployment benefits from their state Department of Labor. While state laws vary, a person is often eligible for benefits as long as they have not received a severance package from their employer or receive retirement income.

Once you have lost a job, consider the following tactics:
-- Make looking for a new job your full-time job. It may take several
months for people in some professional and financial services to find a
new job. Each day you need to network with friends and former
colleagues, look for jobs online and apply for new positions.


Plenty of assistance is available. For example:
-- Contact Angel Food Ministries to obtain food at the lowest possible
cost. The organization can be reached at 1.877.366.3646 or
angelfood@angelfoodministries.com.
-- Call United Way at 211 to find out about other low-cost services, such
as day care.
-- If you are paying off a student loan, contact the financial company
servicing the loan to find out if you can defer or reduce your
payments.
-- Contact the financial company servicing your automobile loan to see if
you can make a similar arrangement.
-- Make at least the minimum monthly payments on your credit card
accounts. If that is impossible, contact your lender, explain your
loss of income and advise them when you will be able to resume making
payments.
-- If you cannot make your mortgage payment, contact a mortgage counselor
at 1-888-995-HOPE.
-- Consider downsizing your lifestyle by reducing expenses such as club
and gym memberships, cable television, bottled water and movies. Find
ways to reduce "everyday" expenses, such as telephone use and dining
out at restaurants. For example, families with cell phones for each
person may not need a land line and cooking all meals at home could
easily save a family hundreds of dollars each month.


Long-Term Money Management Tips

Many people now unemployed formerly worked in high-income professional jobs, such as those in the mortgage, real estate or securities industries, and may not find a new job paying as much money. They should consider a change in their lifestyles to meet their financial obligations in the future. Here are some tips to do that:

-- Develop a new, realistic budget that will enable you to pay for
essential expenses and bills before any extra or luxury items. Consider
developing a budget so you can live on 70 percent of your new income,
with the remaining 30 percent used for savings and investments.
-- Consider selling your car, especially if you have a high monthly
payment, and purchase a less expensive model with smaller monthly
payments.
-- If it's difficult to make your mortgage payment each month and you can
live in a smaller home, consider putting your home up for sale. While
home prices are depressed, it may be a better long-term solution to
live in a home you can afford.

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Planning For Retirement In A Tough Economy

(NAPSI)-Planning for the future and the changes in the economy often go hand-in-hand--and now is no exception. These issues are top of mind for millions of Americans. In fact, a recent AARP study (May 2008) found that one-third of middle-aged and older people have stopped putting money into their retirement accounts. This is likely due to the challenges and stresses they feel in the economy. However, proper retirement planning, which can be stressful at any age and income level, does not have to be a cause of anxiety. With smart planning and the guidance of an investment consultant, you can take steps now to plan for a more comfortable retirement.

Investment consultants can help identify goals and create a personalized plan to help achieve them, and then--most importantly-continue to help manage and follow through on those plans. Acting as a partner, these consultants can help work through the anxiety and uncertainty of retirement planning, providing practical answers and solutions to common retirement concerns--no matter what the economic conditions may be.

Retirement Planning Tips

While there is no substitute for speaking directly to an investment consultant who is well educated on the economy and the latest retirement strategies, here are some tips for consideration to avoid putting your own retirement at risk:

• Continue making contributions to your retirement funds;

• Refrain from borrowing against or pulling from your current retirement savings;

• Identify long-term and short-term goals and consider having money automatically deposited into an interest-gaining retirement account. Even a small amount can add up quickly; and

• Use online tools as a way to ease into the planning process--many financial institutions provide these free resources to both current and potential clients.

SunTrust's Retirement GamePlan is an example of such an online tool that helps people ease into the planning process (www.suntrust.com/retirement). Retirement GamePlan provides the resources to quickly and simply plan for retirement, as well as direct access to a corps of specially trained financial advisors.

"We believe that planning for retirement is a journey," says John Rhett, chairman of SunTrust Investment Services. "It is a lifetime of preparation that can help reach a comfortable retirement." SunTrust guides clients at all life stages, from just beginning to plan to all the way through retirement, so they are knowledgeable about exactly how much they are saving and spending in order to be well positioned for a comfortable retirement.

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