PRESS RELEASE

Dallas - Sept. 09, 2008 - The holidays are less than four months away and consumers must start saving now for those extra holiday expenses to avoid a New Year full of debt. The holiday season will be tough this year - with job losses, the housing crisis, an increase in food and gas prices and the weak dollar, many families' budgets will be smaller than in previous years.

"Budgets are stretched extremely tight during this economic downturn, so consumers will have to pay extra special attention to how they spend this holiday season," said Todd Mark, vice president of education for CCCS Dallas. "With the holidays not so far away, now is the time to think about your plan of action on spending and saving for the holidays, especially if you expect to get a seasonal job. We advise everyone to start planning now so they can make wise decisions, and not face the Grinch in overwhelming January bills."

Consumer Credit Counseling Service of Greater Dallas (CCCS Dallas) gives consumers the following tips for planning financially for the holidays.

1. Time is on your side. With the holidays almost four months away, smart consumers can start planning and saving now to make this holiday season a great one - even if there is less money in the bank. Putting money aside now can help alleviate debt in the New Year and beyond.

2. Map out a plan of action. Figure out how much money you can afford in your holiday spending plan. Make a list of everyone you have to shop for - and then put a dollar amount next to each name. Mom may be priceless, but she won't want you to hock your house for her cashmere sweater. Then consider what gifts you might buy them, so you aren't impulsively spending just to cross names off your list. Include everything in your holiday spending plan - gifts for your family, friends, neighbors and co-workers, charitable donations, food for dinners and parties, holiday travel expenses, shipping, wrapping and decorating your home. We spend money on all of these items during the holidays, but sometimes we forget the minor expenses that can add up.

3. Get a seasonal job. If necessary, consider getting a seasonal job to cover holiday spending. Most retailers hire extra help around the holidays and right now is the best time to inquire about those seasonal positions. Because of recent job cuts, the competition will be tougher than previous years, but starting out early will help. Think strategically of where you may work - often the employee discount may be more valuable than the cash earned for one or two shifts a week. If you know you're going to purchase a jumbo flat screen television, consider getting a job at an electronic store.

4. Remember the reason for the season. Many consumers will not be able to please everyone on their list this year with tangible items, but everyone can give out the "gift of time" and "gift of love." Money does not equal love. Some of the most thoughtful and meaningful gifts can't be found in malls. Ideas include offering a night of babysitting, making a home-cooked meal, mowing the lawn, cleaning the garage, washing a car or changing the oil. If you don't see a grandparent much, just spending time with them may be all they want. These gifts are special reminders that the holiday season isn't just about spending.

5. Use credit cards and methods of payment strategically. Use your credit cards with the lowest interest rates and don't charge anything more than you can safely pay off in three months. Ideally use your credit as you would cash - what you can pay off on-time and in-full. Cash is usually the best means of Christmas shopping for the impulsive and those without discipline, because you know how much you're spending and can actually see what you're paying for. Credit cards are best used for gifts being shipped, services to be delivered later, or anything bought online, as you have charge-back rights.

6. Cash is as good as money. Pardon the Yogi-ism, but if you intend on giving money to someone, stick with actual greenbacks. Buying gift cards limit where gifts can be purchased, and many have usage fees or dormancy fees. Most importantly, if the company you bought a gift card from goes bankrupt, your money will disappear. Cash can be spent anywhere, and never expires!

7. Shop ahead of time and with a plan. If you generally buy for the same people each year, shop year-round for the best deals. Shopping online before you go to stores to compare prices is also a smart alternative. This also allows you to total the prices so you know what you are buying before going to the stores and emotionally spending or impulse shopping. Even though Black Friday is chaotic, it is often worth it for deals if you don't mind the 5 a.m. rush. Sometimes, getting that door-buster will save you the money you need to purchase other items on your list.

8. The time to give back. The most meaningful experiences can be a family volunteering at a food pantry or church, serving the homeless, giving gifts to the less fortunate or donating clothes or cash. Find out how you can best impact your community, and teach your kids that the best gifts are the ones you give.

CCCS can help plan your budget for the holidays and the entire year. Contact your local CCCS office for more information on financial education and free debt seminars, or call (800) 249-2227 or visit www.cccs.net.

About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a nonprofit, community based credit counseling and debt management service. Established in 1974, CCCS Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or Internet through their 24 locations in four states. CCCS Dallas is a HUD approved housing counselor and serves as one of 10 counseling agencies supporting the 888-995-HOPE Hotline. The agency is also a member of the National Foundation for Credit Counseling (NFCC), the nation's largest and longest serving national non-profit credit counseling network. To learn more about CCCS Dallas' free seminars or the agency's services, visit www.cccs.net.