CONSUMER ALERTS

51 ways to save on loans and credit cards

For most people, the holidays are a whirlwind of shopping: hitting the sales, checking out store after store, searching for the perfect gift. It’s also a hectic time when you can easily spend yourself into more debt than you can handle.  Make it your New Year’s resolution to keep your expenses in check and your credit record intact—it’s a gift you’ll appreciate the whole year through. Check out 51 Ways to Save Hundreds on Loans and Credit Cards, a free booklet from the Federal Deposit Insurance Corporation (FDIC) and the Federal Citizen Information Center, to get valuable advice you can use to save money at any time of the year.

      One of the best things you can do whenever you shop is establish a budget. Decide how much you can spend, and don’t go over that limit. If you paid  for this season’s gifts with plastic, look at how much you already owe on credit cards. One of the quickest ways to run up debt is to only pay the minimum amount due with each statement. Late fees add up as well, and so does going over your credit limit. 51 Ways to Save offers other helpful tips for paying less in credit card fees and interest so that you’ll have more to keep for yourself.

     If you’re looking for quick cash for a shopping trip, proceed with caution. A car title loan or a payday loan can get you money fast, but it comes at a steep price—the interest rate on a payday loan can be as high as 391 percent! Instead, try opening a savings account where you can put aside just a small amount each week throughout the year. By the time the next holiday season rolls around, you’ll have saved plenty for gifts and other expenses, and until then, you can borrow from yourself interest-free.

      If you’re considering other loan options for extra cash, such as a home equity loan, make sure to check out 51 Ways to Save to find out how to shop for the best deal, compare Annual Percentage Rates (APR), and read the fine print to save even more.

      This season, make good credit management the gift you give to yourself. You’ll be able to use it now and for years to come. There are three easy ways to order this free booklet:

• Send your name and address to 51 Ways to Save, Pueblo, Colorado 81009.

• Visit www.pueblo.gsa.gov/rc/n7051waystosave.htm to place your order online or to read or print this and hundreds of other Federal publications for free.

• Call toll-free 1 (888) 8 PUEBLO. That’s 1 (888) 878-3256, weekdays 8 a.m. to 8 p.m. Eastern Time and ask for 51 Ways to Save.

Get even more information and take advantage of online government resources at www.USA.gov and www.GobiernoUSA.gov—your official English and Spanish web portals to the Federal government.