PRESS RELEASE

Dallas - August 18, 2008 - Christmas is about four months away. As we begin crawling out of the recession with fewer jobs and more foreclosures, consumers' holiday budgets will be smaller than in previous years. Consumer Credit Counseling Service of Greater Dallas (CCCS of Greater Dallas) encourages saving and planning now to avoid a season filled with stress and worry.

"Budgets are stretched extremely tight during this economic downturn, so consumers will have to pay critical attention to how they spend this holiday season," said Todd Mark, vice president of education for CCCS of Greater Dallas. "Most retailers will likely offer promotions and extended layaway programs to encourage spending, but a plan of action will still be necessary to avoid a New Year full of debt."

CCCS of Greater Dallas offers consumers the following budgeting tips to smartly plan for the holidays.

1. Time is on your side. With the holidays almost four months away, smart consumers can start planning and saving now to make this holiday season a great one - even if there is less money in the bank. Putting any money aside now can help alleviate debt in the New Year and beyond.

2. Don't rely on holiday bonuses. While you may have come accustomed to receiving a holiday bonus at the end of every year, many companies will likely reduce these bonuses to small amounts or give out gift cards instead due to the recession. Don't incorporate the dollar amount you're used to getting. Instead spend what you can currently afford and put any bonus money into savings once it is received.

3. Map out a plan of action. Figure out how much money you can afford in your holiday spending plan. Make a list of everyone you have to shop for - and then put a dollar amount next to each name. Consider what gifts you might buy, so you aren't impulsively spending just to take care of everyone. Include all expenses in your holiday spending plan - gifts for your family, friends, neighbors and co-workers, charitable donations, food for dinners and parties, holiday travel, shipping, wrapping and home decorations. We spend money on all of these items during the holidays, but most of us only figure in dollar amounts for gifts.

4. Get a seasonal job. If necessary, consider getting a seasonal job to cover holiday spending. Most retailers hire extra help around the holidays and right now is the ideal time to inquire about those positions. Competition will be tougher than previous years, but starting out early will help. Think strategically of where you may work - often the employee discount may be more valuable than the cash earned for one or two shifts a week. If you know you're purchasing a flat screen television for the family this year, consider getting a job at an electronic store.

5. Use credit cards and methods of payment strategically. Use one credit card for holiday shopping, specifically one with the lowest interest rate and don't charge anything more than you can safely pay off in three months. Ideally use your credit as you would cash - what you can pay off on time and in full. Cash is usually the best means of shopping for the impulsive and those without discipline - because you know how much you're spending. Credit cards are best used for gifts being shipped, services to be delivered later, or anything bought online, as you have charge-back rights.

6. Give gifts from the heart. With less money to spend, consumers may not be able to buy for everyone on their list, but giving your time is free. Ideas include giving a book of babysitting coupons, a collection of your family's favorite recipes, handiwork, house cleaning or car washes and maintenance. If you have a special skill, share it with your family and friends so you save money on gifts and they save money on hiring a professional.

7. Remember the reason for the season. The most meaningful experiences can be volunteering with your family or friends at a food pantry or church, serving the homeless, giving gifts to the less fortunate or donating clothes or cash. Find out how you can best impact your community, and teach your kids that the best gifts are the ones you give.

CCCS of Greater Dallas can help plan your budget for the holidays and the entire year. For more information on free budget and credit counseling as well as free financial education, call (800) 249-2227 or visit www.cccs.net.

About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a nonprofit, community based credit counseling and debt management service. Established in 1974, CCCS Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or Internet through their 24 locations in four states. CCCS Dallas is a HUD accredited counseling agency and serves as one of eight counseling agencies supporting the 888-995-HOPE Hotline. The agency is also a member of the National Foundation for Credit Counseling (NFCC), the nation's largest and longest serving national non-profit credit counseling network. To learn more about CCCS Dallas' free seminars or the agency's services, visit www.cccs.net.