WASHINGTON (8/20/14)--Don't want coal in your stocking for breaking the holiday budget? The National Foundation for Credit Counseling (NFCC) is encouraging consumers to assess their current financial status before heading into the holidays.
"Consumers may still be receiving the summer vacation and back-to-school bills, but should not lose sight of the fact that the holiday spending season is just around the corner. This makes it vitally important for a person to understand their current financial situation before taking on new debt obligations," said Gail Cunningham, NFCC spokesperson. "Doing otherwise could result in damaging an already fragile financial situation."
The NFCC offered a financial checkup quiz as part of the assessment, where a simple true or false can give consumers an idea of where they stand.
True or false: "Concerning my current financial situation, I ..."
If the answers for the odd-numbered statement were true, consumers are in good shape. Answering true to the even-numbered statements means borrowers may be headed for choppy waters and should re-evaluate budgets before holiday spending begins.