Christmas on Credit

13 days 'til Christmas, and with countless gifts still left to be purchased for friends and loved ones, many people are running out of cash and relying on credit to finish their shopping. Far too many consumers are stressing and sweating over their incomplete gift lists. They are set on swiping their credit cards to accomplish the mission. Giving more thought to the days ahead than the coming months, shoppers are relying on credit cards to have themselves a very Merry Christmas.

Is it the 50% off tag that's persuading you to swipe that card? Did you lose your job two weeks ago and yet, feel pressured by an obligation to your family that has convinced you to rely on credit? Are you charging purchases as a result of your relentless decision to follow former Christmas traditions?

This is a time of year when many retailers and banks are offering almost irresistible introductory rates and additional savings on purchases made with credit cards. It's also a time when parents feel the pressure to give their children as much as they were able to give them last year even though their income has dropped significantly since then. Thefts and robberies become prevalent during the Christmas season...all because people believe that they HAVE TO place gifts under the tree.

Please be reminded that Christmas lasts one day but credit card debt has a tendency to be around for months and years down the road. For those of you who use your credit cards for Christmas shopping but have consistently paid off the balance within the cards' grace period, I commend you. Unfortunately, this is not the norm for most folks. The reason banks and retailers are so generous with their rates and extra discounts in December is because they know that shoppers will be even more generous to them in the the coming months (and years) as they receive interest payments in addition to the principle payments consumers owe for these purchases.

If you haven't pulled out that credit card you've been stashing in-between your mattresses yet because you know the trouble you would get yourself into, I urge you...don't do it now! I know those boots you saw yesterday are absolutely gorgeous but if you don't have the extra cash you need to buy them now, save up to buy them when you can afford them. I'm sure your niece would love that new doll that girls are raving about but again, if you can't afford it, you shouldn't allow access to a credit card to trick you into thinking that you can.

You have to know yourself. Look back at your track record. If you have a tendency to pull out your card with a plan in mind to quickly pay off the balance on new purchases but don't follow through with it, then don't lie to yourself now. Don't count on credit to buy when you can't count on yourself to pay it back. If I had my way, no one would use credit cards but I do realize that there are disciplined consumers who handle credit cards well. To all others, I'll end by saying this:  if your reason for maintaining a credit card is for emergencies only, then remember that the next time you're in Old Navy or Macy's and fall in love with a pair of jeans...I doubt very seriously that such a credit card purchase constitutes as an emergency.