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.

Continue reading "How Chicago Residents Can Improve Finances With Gift Cards This Christmas " »

What better way to cheer yourself up while slogging away at work this week than by clicking on a cute holiday e-card from a dear friend? Just make sure you recognize the e-mail address, say Chicago bankruptcy attorneys.

Identity thieves have caught on to the popular e-card phenomenon. But instead of spreading holiday happiness, they're sending cards containing viruses and malware. So when you click on a card to download a snow scene, you might actually be installing malicious material on your computer - and risking the state of your finances and credit.

Continue reading "New Holiday Card Scam Targets Chicago Computer Users" »

Despite the constant barrage of tempting holiday sales and specials, it looks like cash-strapped Christmas shoppers are holding their own against retailers, according to Chicago bankruptcy attorneys.

Statistics show that fewer consumers used credit cards for post-Thanksgiving shopping this year than ever before. Use of several major credit cards fell by 11 percent this season from just a year earlier. It seems that we might finally be getting the picture that this year's holiday gifts aren't worth paying for next year...and the year after that, and the year after that.

Not that retailers are going to give up without a fight.

Continue reading "Smart Chicago Shoppers Sticking To Cash Rather Than Credit This Season" »

It looks like even mortgage companies are feeling the holiday spirit this time of year.

Freddie Mac recently announced plans to stop foreclosures from Dec. 20 to Jan. 3 - long enough for folks to stay in their homes during the Christmas season. Fannie Mae has pledged to halt evictions as well. With millions of Americans behind on mortgage payments this time of year, it's a nice gesture. Unfortunately, point out Chicago bankruptcy attorneys, it's also only putting off the inevitable.

Continue reading "Mortgage Companies Temporarily Suspend Chicago Foreclosures" »

Ultimately the holiday season is just one big juggling act. We strive to find a balance between work and home, between friends and family and - maybe most importantly this year - between spending and saving money.

Fortunately there are simple ways to counteract all that spending we seem to be doing, say Chicago bankruptcy attorneys. And if you can find a way to limit your purchases this year, you won't only come out even when January rolls around - you might actually come out ahead. How? By lowering the costs of some everyday expenses.

Continue reading "Ways Chicago Consumers Can Save Money on Everyday Expenses" »

Move over Black Friday. Small Business Saturday is here. And the timing couldn't be better.

American Express is hoping to encourage shoppers to spend locally this season, starting today. In fact, the credit issuer is offering $25 in spending credit to the first 200,000 people who register American Express cards today on the Small Business Saturday website, according to Chicago bankruptcy attorneys. But before you write the whole thing off as an expensive marketing campaign, think about this - it makes financial sense.

Continue reading "Small Business Saturday's Strategy Is Good for the Economy and Chicago Shoppers" »

Maybe it's our fascination with Mad Men. Maybe we're longing for a simpler time. Or perhaps we finally realized the cost of credit card debt.

Whatever the reason, statistics show that more Americans are buying the things on our holiday shopping lists with a retro form of payment known as layaway. And we might be saving big bucks - not to mention major stress - in the process, say Chicago bankruptcy attorneys.

Continue reading "More Chicago Consumers Choosing Layaway Over Credit Card Debt This Year" »

When do folks turn down a discount? Apparently when it involves filling out rebate paperwork.

Along with other sales and specials meant to get us to open up our wallets over the next six weeks, retailers are rolling out holiday rebates. The the idea behind a rebate is pretty straightforward, according to Chicago bankruptcy attorneys. You pay the sticker price with the understanding that, once you're home, you can apply to get money back - a delayed discount of sorts. But stores know something that we don't - in reality, many of us are too lazy or forgetful to redeem those rebates.

Continue reading "Why Holiday Rebates Might Not Be Such a Good Deal for Chicago Shoppers" »

How do you manage debt when the only steady thing in your life is, well, your debt?

It's a question many Americans are asking themselves this season. Just when we're gearing up to buy all the trimmings for a Thanksgiving dinner and Christmas gifts for friends and family, our employers are cutting our hours and paychecks. If you've been able to scrape enough money together to make the minimum payment on your bills - but nothing more - the rest of the year, the holiday season threatens to finally derail your finances. But there's still time to fight back, say Chicago bankruptcy lawyers.

Continue reading "Why Ignoring Debt Doesn't Make the Holidays Happier for Chicago Consumers" »

Once upon a time, the day after Thanksgiving marked the official start of the holiday shopping season. Lately, it seems more like the day after Halloween. And as for this year? Red and green goods were pushing black and orange merch off the shelves by the beginning of October.

Welcome to holiday shopping in an economic downturn. At a time when folks have less money in their pockets and more debt looming overhead, retailers are pulling out all the stops to keep our minds wandering to material things. But we don't have to take the bait.

Continue reading "Early Start to Holiday Shopping Season Leaves Chicago Spenders in Debt" »

Holidays are all fun and games - until you have to pay for them.

Halloween seems to kick off a spending spree that doesn't stop until January. Between candy, food, parties, and gifts, it might seem like you only have two choices - partake and wind up with a mountain of debt, or save money but go without. But you might be able to have the best of both worlds thanks to an abundance of holiday - and year-round - deals and freebies, say Chicago bankruptcy attorneys.

Continue reading "Chicago Shoppers Take Advantage of Free Offers Over the Holidays" »

We all know it's the thought that will count when we rip off the wrapping paper tomorrow. But that doesn't change the fact that some presents just aren't the right fit (sometimes literally).

With money tight, I don't think it's selfish to admit that we want to make every gift count - especially when we've shelled out a mini-fortune to buy presents for friends, family and co-workers. Fortunately, the same economy that is making our wallets thinner might be making it easier than ever to return or exchange gifts post-holiday.

According to MSNBC.com, certain retailers are extending return deadlines and making the rules for returning items more lenient.

Continue reading "Returning Gifts Gets Easier Thanks to Recession" »

Citibank is giving some 4,000 homeowners a very happy holiday.

The banking giant is suspending foreclosures and evictions for people with Citi-owned loans through mid-January. A company spokesman said the aim is to reduce stress during a notoriously hectic time of year, according to MSNBC.com. In the meantime, the bank says it's at work on alternatives to foreclosure.

Unfortunately, helping potentially 4,000 families means only helping a miniscule percent of the millions of Americans that could lose their homes in coming months. For the lucky few, it will certainly provide relief (albeit temporarily), but the rest of us are going to have to take matters into our own hands if we want a home after the holidays.

Continue reading "Some Home Foreclosures on Hold for the Holidays" »

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" »

Mention holiday expenses, and most folks think of immediately of the gifts. But the little costs of Christmas cheer can add up, too.

Take the typical holiday party. I have one every year. We're not talking anything fancy or expensive - just a casual gathering of friends for appetizers, drinks and Christmas movies - and yet, for many years, the cost of my simple gatherings was the last straw for my wallet. Between the groceries and festive decorations, it would push me over the line from simply scrounging to flat-out broke.

The problem was, I overdid it. Because I was focusing my budget restraint on the obvious - gift shopping - I wasn't paying attention to the smaller stuff like the food I was impulsively tossing into my cart at the store or the Christmas plates I bought off the sale rack or that cute pair of shoes I had to buy to go with that cute outfit I might wear at the party, and so on. It's hard to stay in control when you're being tempted by sales and discounts, pretty displays, tasty-looking treats and ads on TV, billboards and even shopping carts.

But use a few of the following tips to stick to your budget the same way you (hopefully) do the other eleven months out of the year and you'll be financially rewarded when the new year rolls around.

Continue reading "How to Have an Affordable Christmas Party" »