As the leaves start to turn colors and temperatures drop, the National Foundation for Credit Counseling (NFCC) is encouraging consumers to assess their current financial status before heading into the holidays in November and December. Take the quiz below!
“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.”
True or False: Concerning my current financial situation, I …
- Know how much I currently owe on each credit card.
- Am receiving collection calls and notices.
- Have money saved to pay cash for holiday expenses.
- Will be adding new debt on top of old debt if holiday expenses are charged.
- Have reviewed my credit report and score in the past 12 months.
- Am near the maximum amount allowed on my lines of credit.
- Am current on my vehicle payment.
- Have applied for a payday loan, title loan or credit card cash advance in the past 12 months.
- Have savings in addition to money earmarked for holiday spending.
- Have overdrawn my checking account more than twice in the past 12 months.
If the answers for the odd-numbered statement were true, you’re earning an A! Answering true to the even-numbered statements means you might be headed fora less than passing grade. This is a great time to spend some extra time studying your budgets before holiday spending begins.