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In debt? Don’t buy gifts

Consumers with any debt at all need to channel Ebenezer Scrooge this holiday season and avoid buying presents altogether, cautions a credit counseling organization.

Shoppers who made their credit cards squeal on Black Friday, the day after Thanksgiving, should stay home — and off the computer — for the rest of the year, said Gail Cunningham, national spokeswoman for the National Foundation for Credit Counseling in Silver Spring, Md.

Even the affluent will spend less money on their holiday gifts this year. “I think frugal is fashionable,” Ms. Cunningham said. “Even those who don’t need to embrace that [thrifty] lifestyle are nonetheless caught up in it. I wonder if excessive spending has now become distasteful.”

The NFCC suggests consumers take the following Holiday Spending Quiz to assess their current financial stability before they begin shopping. Anyone answering “true” to two or more items should consider giving gifts of good will:

• There are arguments in my home about money.

• I sometimes hide my purchases.

• I have thoughts about filing for bankruptcy.

• I struggle to make my mortgage payment.

• I sometimes pay my bills late.

• I have used more than 30 percent of my available credit lines.

• My debt interferes with my sleep, job or home life.

• I have few or no savings.

• I am receiving collection calls or notices.

• If I lost my job, it would mean an immediate financial crisis in my life.