...keep your credit in mind this holiday season, because damage can be done so quickly but will take so long to correct.
Washington, D.C. (PRWEB) December 12, 2012
RoadFish.com men’s lifestyle and finance magazine today issued their support of the Military Times recent efforts to encourage its service men and women, as well as consumers outside of the armed forces, to perform a credit score check before going Christmas shopping as motivation to avoid credit card debt this season. RoadFish.com has run several articles recently encouraging holiday shoppers to work with budgets and avoid going into debt over gift-shopping this season, a theme that resonates well with the Military Times’ recent article. RoadFish.com also applauded the Financial Industry Regulatory Authority Foundation for offering free FICO credit scores to the first 5,000 active-duty Military Times readers who requested them, and advised that consumers take advantage of this limited-time offer.
Karen Jowers, a staff writer for the Navy Times, recently authored an article urging consumers to stop and consider the ramifications of using credit to purchase holiday gifts this year, before actually doing any shopping. She states that the Financial Industry Regulatory Authority Foundation (FINRA) is currently offering free copies of FICO credit scores to the first 5,000 active-duty readers who ask for them on their website, an approximate $20 value. Jowers states that even if a credit score isn’t free, it’s still a good idea to give one a look before spending money this season as a way to see exactly how one’s personal finances are doing in terms of credit, and as a way to discourage putting everything on credit this season.
RoadFish.com feels as though Jowers’ article coupled with FINRA’s generous credit score offer is exactly what consumers need to be hearing this time of year. RoadFish.com’s Senior staff writer is quoted as saying, “I’ve been telling readers this for weeks now, and it’s nice to see that other writers are singing to the same tune: keep your credit in mind this holiday season, because damage can be done so quickly but will take so long to correct. Just because you have available credit doesn’t mean you should use it! Ask yourself how long it’ll take to pay down your credit card before you swipe it. Checking your credit score is a great way to get motivated not to do any damage to it during this season in particular. I also recommend utilizing means such as the Score Planner Experian tool, which helps consumers see how changes to their credit & different scenarios can and will either negatively or positively impact their credit score. It’s like a sneak-peek into the future, showing you what might happen if you rack up a bunch of debt in the next month or so. Talk about motivation to not get swipe-happy!”
The Navy Times’ Jowers reports that it’s important to check on credit reports this time of year as a reminder that carrying balances cost cardholders money in addition to weighing down credit scores, and that purchasing a sale item can actually cost more if done so with a credit card because of the interest it’ll accrue if not paid off quickly. Jowers’ article states that the average annual percentage rate on variable-rate credit cards, according to Bankrate.com as of November 21, was 14.58% meaning that if a consumer had $1,000 in credit card debt in January at a 14.58% interest rate, they would rack up a hefty $145.80 in interest charges within a year. Jowers hopes that checking credit scores will open consumers’ eyes to their personal financial states, and keep shoppers on track this time of year.
RoadFish.com shares other tips with holiday shoppers that may help keep them on top of their finances this season. RoadFish.com’s Senior staff writer is quoted as saying, “I am a huge fan of creating a budget this holiday season, with how many people you are shopping for and how much you’ll be spending on each gift, and sticking to it. It’s like going into a grocery store without a list—you’re much more apt to overspend and buy unnecessary things, than if you went in with a grocery list and didn’t stray from it. And of course determining how much you’re going to spend overall is incredibly important. Look at budgets from previous months to determine how much you can comfortably spend. And don’t be afraid to get creative with gifting! Using daily-deals sites like LivingSocial, AmazonDeals and Groupon allow consumers to give great gifts at a fraction of the price.”
According to federal law, consumers are allowed one free credit report once per year from each of the three major credit reporting bureaus (TransUnion, Experian, and Equifax.)
RoadFish.com is an online finance and lifestyle magazine directed at male readers aged 30 to 50 years old. RoadFish.com hopes to motivate already driven men towards taking good care of their finances and health, and offers advice on other topics such as the best online dating services, tips on where to travel, and more. Financial articles tackle topics such as credit scores, budgeting, and how to do holidays on a budget. RoadFish.com is owned and operated by Purpose Inc.