Getting your loved ones gifts for the holidays doesn’t have to put a sizeable dent in your wallet. With the economy tanking and unemployment numbers rising, you may be looking for ways to curb your holiday spending. Here are five budget-friendly ways you can get into the spirit of the holidays:
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In the largest civil penalty the Federal Trade Commission has ever obtained in a debt collection case, Academy Collection Service, Inc. and owner Keith Dickstein have agreed to pay $2.25 million in fines to settle allegations that the company used misleading and unlawful collections practices (“Nationwide Debt Collector Will Pay $2.25 Million to Settle FTC Charges,” FTC Press Release, Nov. 21, 2008). (more…)

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Half of all troubled homeowners face foreclosure only six months after lenders reduce their monthly mortgage payments, said a top banking regulator when commenting on the state of the housing crisis (“Homeowners Re-defaulting After Getting Aid,” Reuters, Dec. 8, 2008). (more…)

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Working families are cutting back on their day care costs – which can often rival a monthly mortgage payment – in an effort to save money during the economic recession, reports The Wall Street Journal (“Families Cut Back On Day Care As Costs – And Worries – Rise,” Dec. 19, 2008). (more…)

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In today’s tough economic times, bargain hunters are discovering that there are deals to be had and they’re sharing the news: Retailers are slashing prices and offering in-store and online discounts. (more…)

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Home loan delinquencies all across the country are skyrocketing, even in the nation’s largest city, New York, where the number of home loan defaults is only projected to get worse, reports NYDailyNews.com (“Late Bills Soaring in City: Debts Rise on Credit Cards, Auto Loans,” Dec. 3, 2008). (more…)

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A new study conducted by a British professor at the University of Warwick indicates that the amount a person pays toward their credit card bill is significantly influenced by the bill’s suggested minimum payment, causing consumers who typically only pay a portion of their bill to hold on to their debts longer and pay more overall (more…)

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American consumers are in trouble, according to a new study by BadCreditOffers.com. More than 110 million borrowers in the United States with delinquent accounts are now affected by a negative credit history after taking on more debt than they could handle and falling behind on mortgages, car loans, and credit card payments (“Bad Credit on the Rise: 110 Million Americans Now Affected, According to BadCreditOffers.com Study,” Business Wire, Dec. 4, 2008). (more…)

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The Florida attorney general has reached a settlement with a Florida lawyer accused of defrauding thousands of consumers in a debt relief scheme, according to a report by NBC 6 (“Judge Bars Lawyer From Doing Debt Consolidation Work,” Nov. 25, 2008). (more…)

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With less consumer credit available, as many credit card issuers reduce spending limits and raise fees, consumers are increasingly turning to debit cards or cash at the checkout counter, reports The Associated Press (“More Customers Resume Using Old-Fashioned Cash” Nov. 23, 2008). (more…)

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