ACEC Urges Consumers to
Shop Smart During the Holiday Countdown

Know the Best Way to Buy During the 11th Hour Rush

Washington, D.C. – Americans for Consumer Education and Competition (ACEC) today urged consumers to have a sensible holiday payment and purchase game plan for shopping and entertaining and don’t let the 11th hour rush squeeze those holiday budgets. By following ACEC's Holiday Tips, consumers can be sure Santa won’t leave you an empty stocking AND bank account.

"Now that consumers are in the final stretch of holiday shopping, it's more important than ever to shop smart and avoid rash decisions under pressure that can leave you with a financial hangover," said Rebecca Reid, Executive Director of ACEC. "Don't throw caution or your money to wind. Stick to your budget and determine what payment methods work most in your favor so the New Year doesn’t leave too many surprises in your bank account."

ACEC's Holiday Tips

If the Clock is Ticking on Your Holiday Shopping...

Being a last minute shopper doesn't mean you have to be left out on the great deals. Before you face the festive frenzy in the malls and department stores:

• Stick to your list and don't be tempted to buy the first thing you see. If you can't find the exact present for that special someone, broaden your gift idea - not the price you budgeted for.
• Check your local newspaper for sales and holiday coupons. Many stores continue to promote ongoing sales but stock can diminish, so it doesn't hurt to call ahead and ensure your desired item is still in on the shelf.
• Consider putting off the purchase of the perfect gift if you know it's going on sale after the holidays. A holiday card under the tree with the promise to come is almost just as good a surprise.
• Send holiday emails rather than postcards and greeting cards—For the not so close people you usually contact during the holidays via the us postal service, why not try sending holiday emails. Between the cost of the cards, envelopes, and stamps, you can save a significant amount of money and there's no worry on the delivery time!
• Try to use lower interest rate credit cards or even better, use a debit card for purchases--If using a credit card, try to pay back the debt as soon as you get the bill.

What's the Right Payment Method for You?
According to a recent National Retailers Federation survey, most shoppers intend to use their debit and check cards for most of their holiday shopping this year. Consumers tend to choose payment cards to help with budgeting, to boost their rewards and for the convenience and security that comes with not carrying wads of cash.

Protect Yourself from Debit Card Fraud
For those of you who choose to pay with a debit card, here are a few pointers to take into account when you whip out your wallet. Whether you shop online or in person, you should be vigilant about protecting yourself from debit card fraud. Follow these pointers to avoid debit card fraud:

• Memorize your PIN number and never give it to anyone else, especially not to anyone on the phone claiming to be a store you've done business with or your bank. Legitimate stores and banks would never ask for your pin number over the phone.
• Make sure you always watch your card when it is being swiped—your card should only be swiped once in one machine. Some fraudulent store employees will swipe your card in the store's machine and "skim" your information to sell up the criminal chain, while others "clone" your card information in order to produce a duplicate card for criminal use.
• For online purchases, be suspicious of the browser window used to enter payment information. A URL for a secure website will begin https:// instead of http://.
• Keep track of your receipts and compare them to your monthly statements. Report any suspicious or inaccurate charges to your financial institution, immediately.
• Let your debit card issuer know right away if your card has been lost or stolen.

What Happens if I'm a Victim of Fraud?
If the unthinkable happens, you are, according to federal law, responsible for up to $50 if you report your stolen debit card within two business days after discovering the loss, and at $500 if you fail to notify the issuer within 60 days after receiving the bank statement reflecting the unauthorized use. Both Visa and MasterCard extend the same Zero Liability policies available on credit cards to debit transactions made over their networks. Check with your bank to understand how these policies apply to your debit card.

ACEC's Holiday Tips can be viewed at www.todaysmoneymatters.org.

Americans for Consumer Education & Competition advocates for financial literacy and consumer rights initiatives. ACEC communicates with more than 30 thousand consumers interested in issues from financial literacy to budgeting for retirement to cardholder benefits and rights. In addition, ACEC serves as a clearing-house for information on financial issues, as the organization monitors, tracks and provides analysis of financial legislation and litigation that has a direct impact on consumers.