Pocono News Section

Ten-Question Quiz Reveals Whether You Should Shop For Holidays

Ten-Question Quiz Reveals Whether You Should Shop For Holidays - Friday, November 27, 2009 at 1:11PM EST

Reported by: Jeff Chirico
Friday, Nov 27, 2009 @ 01:11pm EST
PITTSTON, LUZERNE COUNTY --Before you hit the stores a credit expert wants you to grab a pen and take a quiz. It could determine whether you should shop at all in this shaky economy. Consumer reporter Jeff Chirico explains what you should do if you fail.

Lynn Jasinski of Berwick says she's cutting back on her holiday spending this year. “My husband lost overtime, we lost a lot of money in overtime."

Many families are even worse off as unemployment reaches ten percent and personal savings dip. Jenny Dickinson of Wyoming says “do think you'll spend less no. Should you spend less? Probably"

So Terri Stocki of Consumer Credit Counseling Service suggests families take a quiz to determine whether they should slash their spending.

Here is the ten-question True/False Spending Quiz:

1. There are arguments in my home about money.
2. I sometimes hide my purchases.
3. I have thought about filing for bankruptcy.
4. I struggle to make my mortgage payment.
5. I sometimes pay my bills late.
6. I have used more than 30% of my available credit lines.
7. My debt interferes with my sleep, job or home life.
8. I have little or no savings.
9. I am receiving collection calls or notices.
10. If I lost my job it would mean an immediate financial crisis in my life.

Stocki says "if you answer yes to at least two questions you may want to reconsider how you spend for the holidays."

Stocki says lower your holiday budget to your available cash.
Don't use credit cards. Try layaway instead. Kmart and Sears will both hold your purchases for up to 8 weeks. Stocki says "there may be a small layaway fee but it beats all the interest you'd pay with credit card."

Here are some other suggestions to help save money.
Cut some people off your list
If you can't do that, try a pollyanna. "Throw everybody's name in a hat. Set dollar limits and everybody pick a name and buy that one gift."
Better yet --use your creativity. "I have a relative when her husband was laid off, wanted to give something for holidays took up macrame made everybody macrame angels and that's what every family got. And to this day I put the angel on the tree and think about my cousin."

And finally, if you find yourself in over your head give yourself a gift. Stocki suggests scheduling a free appointment with the nonprofit Consumer Credit Counseling Service. "The counselors are down to earth and sit down and help work out a spending plan."

A plan to keep next year's Black Friday shopping from putting you in the red.

To schedule an appointment with the Consumer Credit Counseling Service, call 1-800-922-9537or go online to