Retailers Opening on Thanksgiving Day Increase Chances of a Red Tuesday™

Share Article

AICCCA offers some dos and don’ts to avoid a Red Tuesday while holiday shopping.

News Image
Even the greatest deal is not-so-great if you charge the purchase on a credit card without a plan for how you will pay the bill when it comes.

Retailers anxious to get a jump on their competition are taking a bite of out Thanksgiving – quite literally. Department stores Macy’s, J.C. Penney’s and Kohl’s have all announced they will be open on Thanksgiving Day for holiday shopping. The Association of Independent Consumer Credit Counseling Agencies has been cautioning consumers against charging purchases on Black Friday and Cyber Monday because it could lead to what AICCCA calls a “Red Tuesday” when the credit card bills come due. Now it seems Thanksgiving Day, or pre-Black Friday, needs to be added to the overspending opportunities available to consumers during the holidays.

“Retailers are hoping that consumers will see Thanksgiving Day shopping as a can’t-miss opportunity to get some great deals,” said Dave Jones, president, AICCCA. “But even the greatest deal is not-so-great if you charge the purchase on a credit card without a plan for how you will pay the bill when it comes.”

AICCCA offers some dos and don’ts to avoid a Red Tuesday while holiday shopping.

1. Do make a detailed list. Take the time to look over the ads and make a list before you go.

2. Do pay with cash. Determine the amount of money you have on hand to spend and take only that amount of cash with you when you shop.

3. Don’t buy anything not on your list. A complete list will make it easier to walk away from impulse buys.

4. Don’t take your credit cards with you. Leave your credit cards at home so that when you run out of cash, you will have to stop.

AICCCA: Founded in 1993, the Association of Independent Consumer Credit Counseling Agencies is a national membership organization established to promote quality and professional delivery of credit counseling services. AICCCA and its members are focused on financial education, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, annually counsel millions of consumers nationwide and provide debt management services to consumers with excessive unsecured debt. To contact an AICCCA member agency call (866) 703-TRUSTAICCCA (866-703-8787) or visit http://www.aiccca.org.

Share article on social media or email:

View article via:

Pdf Print