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As always happens this day after Thanksgiving, the holiday spending season moved into high gear. This period between now and Christmas typically generates more than one-fourth of annual retail sales in the United States. No wonder merchants approach consumers with a singular message: spend, spend, and spend some more!
That's fine. We root for the retailers and hope they do well.
But, KSL is also concerned for vulnerable consumers, especially those who may have difficulty controlling their spending and could find themselves a few weeks down the road mired in instant debt. Contrary to what some may wistfully dream, Santa won't pay the bills once they come due.
So, some suggestions for Christmas shoppers:
-Establish a holiday spending plan now. Don't wait. Think beyond gifts and plan, too, for holiday travel, entertainment and decorating. As you create that budget, stick with it.
-Avoid impulse purchases that could blow the budget. It may be best to shop early in order to avoid last-minute decisions.
-Pay cash where possible, but if credit cards are used, keep close track of the cumulative purchases and pay the cards off as quickly as possible.
In KSL's view, the holidays will be much happier by avoiding the pitfalls of uncontrolled spending and the debt burden it brings.
