Online Holiday Shopping Risks
By Brian Williams on Friday, November 30th, 2007 :: 11:49 amCategory: Watching Out 4 You
The Internet changed the way we shop. We can purchase almost anything with the click of a mouse. All we need is a credit card. However, if you are not disciplined in your online holiday shopping, credit woes will await you in the new year.
Enticements come into your inbox in the dead of night. Advertisements offer the latest jewelry, computer and clothes. You could order thousands of dollars worth of items while in your pajamas. In fact, that what retailers want you to do.
Many retailers offer online catalogs for people to purchase items online. You give out your credit card number and next your item arrives. You don’t have to fight to get a parking space at the mall or wrestle through crowds. Nevertheless, it can be easy to lose track of how much you spent and pile on a lot of debt.
Credit cards were once thought of as an emergency financial tool. Now, it is almost essential for online purchases. You can still get control of your finances if online spending wrecked your budget. Options of debt relief such as debt settlement and debt consolidation can help organize your finances and get you debt free.
Racking up tons of debt is one consequence of online holiday shopping. Identity theft and consumer fraud are other pitfalls when furnishing your credit card information online.
Many reputable retailers in cyberspace will protect your financial information in a purchase. However, some unscrupulous profiteers will take your credit card information in a bogus purchase.
Your credit card number could be sold to others or used in an unauthorized purchase. It could take years and thousands of dollars to straighten out your credit. Consumer fraud and identity theft cost Americans more than $1.1 billion in 2006, according to the Federal Trade Commission.
Take extreme care in your online purchases. For example:
- Keep track of how much you spend online
- Only purchase items that are most necessary. Resist using your credit card to bolster your jewelry collection or wardrobe.
- Don’t do your shopping exclusively online. You can have better, more immediate, proof of financial transactions with shopping at a traditional retail outlet.
- Make sure you understand the online retailer’s terms on privacy and how they will use your information.
- Be sure to consider shipping and handling costs when you budget for holiday shopping.
Author bio: Brian Williams, a graduate of the University of Texas at Arlington, has 11 years’ experience writing and editing at daily newspapers in Texas. Learn more about MyUSADebt. MyUSADebt is your alternative to debt consolidation.
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