Chicago Bankruptcy Lawyer Blog

What if you could stretch the Christmas magic beyond December 25? It's possible with gift cards.

Not that gift cards are anything new, of course. Americans requested plastic cards more than any other present this year, according to the National Retail Federation. Not surprisingly, when money is tight, most of us would rather have the ability to choose gifts we actually need rather than receive things we may have no use for. But you can get more bang for your buck by using those gift cards strategically, according to Chicago bankruptcy attorneys.

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At first glance, a gift card seem like the perfect present. You don't have to worry about getting your friend or family member something she can't use - with plastic, she can buy whatever she wants. Or can she?

Research shows that, if your gift recipient procrastinates, you could be giving more holiday cheer to retailers than your loved one.

On the one hand, things might seem to be looking up. New credit card laws will also apply to gift cards, limiting fees that can be placed on cards inactive for less than a year and preventing funds from expiring on certain cards within five years. On the other hand, that only addresses one party - the gift recipient. But if the card gets lost, forgotten or otherwise goes unused, either fully or partially, where does that leave you, the gift giver, who could probably use some of that money back?

Continue reading "Gift Cards Might Be Easy Presents, But They Don't Come Cheap" »