November 24, 2009
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Surviving Black Friday, Pt.1
Federal Reserve; a word of advice.Black Friday, what is considered the busiest shopping day in the year is nearly here. Retailers have been advertising their wares with great enthusiasm and with knock down door busting prices. Credit card customers have made their lists and ready to go. The question is; will Americans continue monitoring their credit card spending as they have been over the past eleven months or will the deals be too tempting to resist? The Federal Reserve has embarked on a campaign to remind consumers to be prudent in using their cards. The Fed will be running 45 second ads in movie theaters across the country asking Americans to use their credit cards wisely. The ads are scheduled to run in 12 high volume theaters in major metropolitan areas.
The Federal Reserve will also be distributing print information and has partnered with several credit counseling organizations in offering credit responsibility educational programs. The ad will include tips on how to use credit cards wisely. The print material will outline the Fed's five major steps to good credit card management. The ads are expected to begin Black Friday and run through December 3rd. If you didn't plan on taking time out from you busy holiday shopping during Black Friday weekend to see a movie, an overview of the Fed's five steps are listed below. You may also visit the Federal Reserve website at http://www.federalreserve.gov for more information and other helpful hints on living a healthy financial life.
1. Pay on time – avoid late fees and penalty interest rate increases by making sure your payment is posted no later than the due date. In today's technological environment, even one hour late will lower your credit score and initiate penalties and fees. Maintaining a higher credit score will make you eligible for lower interest rates. If your payment due date does not coordinate adequately with your income payment date, call the credit card company and them to switch the due date.