Orrstown Bank Encourages Customers to Prevent a Holiday Spending Hangover
Author : Orrstown Bank Public Relations
Posted on : November 30, 2010
Shippensburg, PA (11/29/2010) – Orrstown Bank is kicking off the 2010
holiday shopping season with tips to manage holiday spending and avoid a
post-holiday credit hangover.
“Consumers spreading holiday cheer should keep in mind that January
bills are only a couple of months away,” says Gary Holder, SVP/Chief
Retail Officer. “If consumers are not budgeting for their holiday
purchases, people will find themselves bringing in the New Year with
last year’s debt.”
Orrstown Bank recommends that customers manage their finances this holiday season with the following spending tips:
• Create a budget and stick to it. Set a dollar amount based on what you
can afford this holiday season considering your current savings, income
and other expenses. Be sure to include a $20 to $100 cushion for
• Make a list. Write down the names of the people you plan to buy gifts
for and how much you can afford to spend on each person. Don’t forget to
save some of your budget for expenses other than gifts including
wrapping paper, cards and postage.
• Bake some cookies. That’s right, if you can’t afford to buy gifts for
everyone on your list, bake some holiday goodies and wrap them in
cellophane with a holiday bow. Handmade gifts are a special way to say
‘Happy Holidays’ without overspending. Be sure to include these costs in
• Use credit wisely. Your credit card balance shouldn’t be a complete
surprise when you open your statement in January. Take only the credit
cards you need when holiday shopping and try to use the card with the
lowest interest rate.
• Save your receipts. Keep track of your expenses and add them up weekly
to be sure you’re sticking to your budget. If you’re getting close to
your spending limit, reevaluate your list and bake more cookies!
• Shop around. Start your holiday shopping early to give yourself time
to comparison shop. Take time to do some research before you hit the
stores by going online or looking at your local newspaper circulars.
“Holding true to one’s budget during the busy holiday season is an
excellent jumpstart to healthy year-long budgeting habits,” said Holder.
Anyone who falls deep in debt and is late on their payments should
inform creditors so they can work on a resolution plan with you. Banks
and other lenders are often willing to help extend payment periods,
consolidate debts or assist in refinancing.
A pattern of late payments in a credit report could make attaining
future loans or credit difficult. Consumers in need of help with debt
problems should contact the National Foundation for Credit Counseling at
With over $1.4 billion in assets, Orrstown Financial Services, Inc. and
its subsidiary, Orrstown Bank, provide a full range of consumer and
business financial services through twenty banking offices and two
remote service facilities located in Cumberland, Franklin and Perry
Counties, Pennsylvania and Washington County, Maryland. Orrstown
Financial Services, Inc.’s stock is traded on the NASDAQ Capital Market
under the symbol ORRF.