Title















Site Registration | Find a Copy | Event Calendar | Site Map
The Voice of the Black Community
My business story

We’re in the business of telling the Queen City story with an African-American perspective.www.thecharlottepost.com

Posted by The Charlotte Post on Monday, March 7, 2016
Wide Range of mens shoes and boots

Business

Holiday shopping puts consumers in red
Overindulgence results in sea of debt
 
Published Monday, December 10, 2012 2:22 pm
by Stephanie Carroll Carson, N.C. News Service

RALEIGH – With 15 days left until Christmas, holiday shopping is in full swing, but many people are spending money they don't have, consumer advocates say. The average person will spend a little more than $700 on the holidays this year, between gifts and decorations, according to the National Retail Federation.

With 52 percent of North Carolinians living paycheck to paycheck, often that's money they don't really have, warns Ellen Harnick, senior policy counsel at the Center for Responsible Lending.


“Anyone who you love enough to be out there shopping for a gift for, does not want you to take on a debt obligation that's going to put you in financial peril for the rest of the year.”


Harnick says it's important to set a reasonable budget and stick to it, rather than run up your credit cards to buy gifts. She says one in eight Americans has more than $10,000 in credit card debt, and they soon realize that it's a hard cycle to get out of.

Harnick warns against opting for payday loans, which are against the law in North Carolina, but readily available online or from neighboring states. The rates charged by payday lending companies can be as high as 400 percent.


“Getting the loan, even at a rate charged by a finance company,” Harnick said, “can set you on a cycle where it’s very, very hard to dig out.”


Harnick recommends spending within your budget this year and, starting in January, putting away money each month to fund your 2013 holiday spending.

Comments

Leave a Comment


Send this page to a friend

Upcoming Events

read all
30

Great Chili Cook-Off

Voted one of the best events on Lake Norman, THE

14

2nd Saturday: In the Driver Seat

Kids and kids-at-heart can fuel up on fun at the

28

Charlotte Walk to End Alzheimers

The Alzheimer's Association Walk to End

Latest News

read all

Fall rice bowl welcomes autumn

Change seasons with tasty medley

Charlotte Hornets take mental approach to making improvements

Adding Howard bolsters rotation potential

The benefits of traveling solo are many and invigorating

No need to compromise when it's your trip