From the Wires
The Clock Is Ticking for Last Minute Shoppers: Consolidated Credit Provides Gift Ideas and Tips to the Latin Community
By: Marketwired .
Dec. 19, 2012 07:14 AM
FORT LAUDERDALE, FL -- (Marketwire) -- 12/19/12 -- With less than a week before Christmas, only half of U.S. consumers who are planning to buy holiday gifts have started shopping, according to market research company NPD Group Inc. ConsolidatedCredit.org advises Latinos to evaluate their finances before rushing to the mall and making impulse buys.
According to the National Retail Federation (NRF), consumers will spend an average of $749.51 on gifts, decorations, and greeting cards, up from last year's $740.57. Consumers are expected to spend a total of $586.1 billion this holiday season, according to the NRF.
Howard Dvorkin, CPA and founder of ConsolidatedCredit.org, warns consumers that waiting until the last second to go holiday shopping can threaten consumers' financial stability.
"Procrastinating shoppers not only risk not finding the gifts they were looking for, but they are in danger of overspending and incurring credit card debt. These consumers end up paying for gifts six months or more after the holidays are over," said Dvorkin.
Latinos who already have debt should be especially careful with their spending, Dvorkin said. According to the NAACP, 79 percent of Latinos carry credit card debt compared to 54 percent of Caucasian households.
Dvorkin's last minute shopping tips are:
About Consolidated Credit:
Consolidated Credit, founded in 1993, is one of the nation's largest credit counseling organizations in the country and has helped over 5 million people with financial issues. Their mission is to assist families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling.
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