topic Re: What steps are you taking to manage your credit through the holiday season? in Community Polls

What steps are you taking to manage your credit through the holiday season?

Barry — Sat, 06 Dec 2008 16:57:10 GMT

The actions you take this upcoming holiday season could seriously impact your financial picture in 2009.

Please vote in this week's poll and share your holiday credit management plans with the FICO Forums community.

Happy holidays!

Poll results:
* Reducing your use of credit? (39%)
* Not using credit? (35%)
* Not making any changes? (22%)
* Increasing your use of credit? (4%)

Total Votes: 49

Message Edited by Barry on 12-06-2008 08:57 AM

Re: What steps are you taking to manage your credit through the holiday season?

llecs — Mon, 03 Nov 2008 14:32:15 GMT

Cash only. I don't want to repeat what I did last year.

Re: What steps are you taking to manage your credit through the holiday season?

wmarat — Mon, 03 Nov 2008 14:38:13 GMT

Cash is subprime.

@llecs wrote:
Cash only. I don't want to repeat what I did last year.

Re: What steps are you taking to manage your credit through the holiday season?

wmarat — Mon, 03 Nov 2008 14:39:03 GMT

All holiday spendings are budgeted so no problem here.

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Anonymous — Tue, 04 Nov 2008 16:38:30 GMT

Christmas will come in February, right around when my tax return arrives. My family really doesn't take Christmas seriously.

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Anonymous — Tue, 04 Nov 2008 16:47:54 GMT

My family is doing a Secret Santa this year to save money. I'm also starting my shopping before December, so I won't get caught in the "Christmas spirit" of capitalism. I'll probably still charge the gift for the cash back, but I'm sure I can manage that single gift charge!

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

oracles — Tue, 04 Nov 2008 18:37:25 GMT

I have a goal to be debt-free by the end of next year. Therefore i will not spend alot for christmas. I will still used my CCs for cash back and usage, however it will be for small amounts.

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

laz98 — Wed, 05 Nov 2008 06:36:14 GMT

my gf works at starbucks. we are using her weekly markouts (one free bag of coffee or box of tea every week) as gift baskets for her family this year. that alone eliminates 90% of the people we would otherwise have to shop for.

& we don't really look cheap, because her family LOVES starbucks.

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Anonymous — Wed, 05 Nov 2008 16:13:07 GMT

We are making a donation of grocery store gift cards to our local food bank. We will buy 1-$250 gift card and donate it in our family's name. We live in a county that has been hit very hard by the closing of industries, mainly textiles and steel. Our county has the one of the highest unemployment rates in our state. Just this morning, the news reported another plant is closing with 200 employees out of work.

The food bank admin (who happens to be my sister-in-law) will purchase the items that are most needed at the food bank. She says people forget about the toiletries. We will be supplying her with many coupons to use also. She will shop on double coupon day to take greater advantage.

The food bank is operated by my sister-in-law, so we are sure the gift card will be used as needed, not on beer, wine, cigs, etc.

We do not have small children anymore, ours are college students, so they understand the money crunch we are under with tuition and expenses. They are totally satisfied with helping their aunt do the shopping for the food bank.

I am proud to say, It was actually their idea!

BTW, gift card will be purchased Dec 10 with cold hard CASH!

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Anonymous — Thu, 06 Nov 2008 12:58:19 GMT

I have asked my family and friends NOT to purchase a Christmas gift for me this year. Instead, I asked them to take the money that they would have spent on my gift ($25, $50, $100) and use it to pay down on their credit cards, car loan, or student loans.

I plan to do the same.

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

MidnightVoice — Thu, 06 Nov 2008 15:00:25 GMT

We are going to spend a lot less money, and none that we don't have

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Anonymous — Thu, 06 Nov 2008 15:16:36 GMT

1. Started shopping early.

2. Family buys gifts only for the kids, then does a "Yankee Swap" for the adults on the big day, then we all go out to a nice restaurant for a family dinner after the holiday madness is over.

3. Cash is king!

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

wmarat — Thu, 06 Nov 2008 15:34:56 GMT

Let's say I have $500 gifts to buy. I put this charde on my Penfed and get 1.25%back which is $6.75 plus I have about 50 days to pay it off, in these 50 days $500 get me another $3 in interest, so I save $9.75. Card shows activity, which FICO likes, lender sees usage and when time comes grants me CLI, which reduces util, which FICO likes.

Cash is king? Doubt it.

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Anonymous — Thu, 06 Nov 2008 15:59:27 GMT

1. Abolished other people's "holiday" tyranny from my life years ago. Celebrate my own.

2. Paid off mortgage, student loans. Now have just a 2.99% HELOC which'll be paid off in another 15-16 months.

3. Use one creditcard. Pay it off in full every month.

4. I celebrate the birthdays and anniversaries of the people I love, go incommunicado around Christmas, Thanksgiving, etc..

5. Drive one paid-off car and one paid-off pickup truck.

6. Let everybody know I don't want any more material objects in my space and they shouldn't expect any from me. (Helps to sort out your true friends from everybody else.)

7. Stay focused on what is real, what is true, what is good, what matters most. Exclude all the rest.

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Anonymous — Thu, 06 Nov 2008 16:36:35 GMT

I have already told my children (all grownups) that I must decrease the amount of spending for several reasons. For one thing I have been out of work for close to 4 months and my credit cards are getting out of control. Therefore I plan to set aside a small amount of cash and use that only. I plan to concentrate mainly on the grandkids and one small gift for each child and their SO.

Terri

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

mazinaige — Thu, 06 Nov 2008 19:48:15 GMT

@Anonymous wrote:
1. Abolished other people's "holiday" tyranny from my life years ago. Celebrate my own.

Likewise, I stopped buying Christmas presents about 15 years ago. Instead of shopping I spend time visiting with my family and friends, cooking, cleaning, decorating and wrapping the presents they bought for others. While I love the holiday spirit, the lights, decorations and all that, I dread taking it all down, packing it away in storage and trying to pay off the bills. No thanks. It took awhile for people to adjust (my 16 year old son especially) but I explained my principle, we're not Christian and this isn't our holiday. We just celebrated it as an annual shopping event and we went into debt every year. I am not buying into it anymore. So I don't buy anything, my partner doesn't buy anything and my parents don't buy anything anymore either. And guess what? We are all still happy and we still enjoy the holiday!

Message Edited by mazinaige on 11-06-2008 11:48 AM

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Anonymous — Thu, 06 Nov 2008 20:54:57 GMT

I have money placed into a Christmas Club account directly from my check each payday so I will be using half of that money for my three grandchildren. No adult gifts this year and my family plans to do the same. Everyone realizes that paying down debt and not using credit cards except in an emergency is what we are all trying to achieve. My daughter-in-law plans to shop more wisely this year for the children and catch every sale she can until then. BTW the other half of my Christmas Club will be used to pay down debt.

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Anonymous — Fri, 07 Nov 2008 00:14:35 GMT

This will be the first Christmas I haven't used credit for Christmas gifts for my family and friends (at work). Some gifts you just can't avoid. The few gifts I buy for my family will be paid for with CASH!!

Gift certificates are my choice for my grown kids (max will be $50.00 each).

I will still get some stocking stuffers, (its fun, and cheap). CASH again.

I'm looking forward baking Christmas goodies with the time I'll save shopping and wrapping gifts.

Just think, no credit card bills in January and I can use my tax refund in February for something more useful and fun than paying off bills from Christmas.

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Anonymous — Fri, 07 Nov 2008 02:42:07 GMT

This will be a "home made" Christmas for my family. With five children and two grandchildren (not to mention a daughter-in-law, sisters, and a few "significant others") that's a lot of gifts. This will allow me to give some very special gifts of love to the people I love, spending time rather than money.

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

southernficoaddict — Fri, 07 Nov 2008 10:44:58 GMT

We have never used CC's to buy gifts and don't plan to start this year. While we have a little less cash after the holidays we don't have any pile of debt to pay off. I try to make a list and stick with it.