WHITBY FREE PRESS, WEDNESDAY, JANIJARY 9, 1980, PAGE 23 CONSUMER BEAT The January Bis Blues Just when you are ready to settle down to a well- deserved rest after the holi- day shopping frenzy, the bills for aIl those gifts are starting to flood your mail box. With the pine needles on your Chiristmnas tree barely dry, your creditors want thieir rnoney back. Shopping on credit may be the most convenient thing that ever hiappened to De- cember, but trying to balance the budget in the months that follow can be a painful experience. That's often the time of year when interest charges start piling upoil interest charges to finally distort the original purchase price be- yond recognition. This is al- so the time of year when consumers niust be careful flot to ruin their credit rat- ing. Credit is a privilege It should be remnembered that credit is a privilege rather than a right, and privileges can be taken away. Crédit involves responsibili- ties on the part of the con- sumer/borrower: using credit wisely, and paying the bills promptly when they are due. Irresponsible use of credit including simply losing track of how much you signed for - can lead 10 ove r- spending and to the resulting financial and credit prob- le mi s. According to The Ontario Consumer Protection Act, borrowers or credit users must be informed at the out- set, in writing, of the cost of borrowing both in ternis of dollars and as an annual per- centage rate, and of the ad- ditional charges 10 be paid if the borrower defaults on payrnents. This detailing of costs applies 10 con tracts for goods and services purchased on credit, to overdue nionth- ly charge accounts, and to ail boans. Credit cati be expeuîsive If 'vou have neyer read the fine print on the back of your monthly charge ac- count bill, you may be in for a surprise. Add up ail the interest charges on your de- ferred paynients, and the items you thoughit sale- priced may become luxury- priced. If you run into credit problems from overexten- sion, inexperience, misuian- agement or unforeseen emer- gencies, it is important not to lose your credit rating. If you want to pay but can't, go to the creditor (the per- son or company to whom you owe the nîoney) andl dis- cuss the problern before the money is due. You may try 10 negotiate a more con- venient plan for paymnent that you can handle. While it is always advis- able to pay off as much as you can on monthly charge accounts, your credit record will remain intact as long as you pay the mîinimum monthly balance indicated on your bill. (But remnember that this rnethod of pay ment is very expensive.) However, your credit record wilI obvi- ously be affected if you don't pay anytlh.g at ail. Wlîy credit? Statistics show that 61 per cent of Canadian adults hold at least one credit card; 45 per cent hold between three and six cards. This brings the national average to 2.8 credit cards per adult. Somne people use credit only in emiergencies. such as illness, loss of work or other une-xpected hardship. For others, credit has become a lifestyle-, they become used to living beyond their means. Stili others have simply neyer learned to buidget, or they dont realize thie higli interest they pay on credit. But if January bis really give you the blues, plan ahead now for next Christ- mas to avoid an excessive pile-up of bUis next year. If possible, take advantage of after-Christmnas sales to buy gifts for next Christmas. Stock up on Christmnas cards and wrapping paper during the half-price sales in Janu- ary. If you have gifted hands, start work now on that carpentry or pottery or knitwear so that by next De- ccmber you are left with very few presents to buy. Planning ahead can save you tirne, noney, and your credit reputation. Real Etat GOLO JACKET REALTY 11h member broker 824 Brock St. N., Whitby "ehb office te Îaa.pemdenUy oved aa" .p.rated. 668-6221 683-6221 $4260. DOWN MODERN FULLY DETACHED Only $56,900. Cloae 10 amenities - 4 bedrooms 1¶ ½ batha - 109 ft. lot 101/4 % mortgage. LORNE IIME 668.6221. JUST LISTEDI 54,900 3 bedroom brick dlnling room master br. has bI vanlty Tennessee fireplace. Ail thîs wlth a garage and excellent llnanclng. Hurryl HELEN COUTURE 668&6221. DELUX SIDE SPLIT AT 370,900 3 bedroom. Separate dlnling room, flreplace, upgraded carpetlng spaclous home good ares. Beat of ail excellent 101/4 % mtg. For an Inspection cail HELEN COUTURE 66I86221. 101A lot MORTOAGES on detached homes in Whitby lrom $55900 to $64,900. Fîreplace, garage, f in. rec. room, 1½ý bath, fenced yard. Low downs. B3RUCE OFFERKUCH 668221. 1LO)OKWHO JUSI MADE THE TEAM. Meet v'our Neighiboi-hood ernplifV why CENTIJRY 21' leads Prol'essionials"'Thie're tiioroughlv the real estate world in listings professionial ln taking care of ail and sales, and ttieN're ready to put vour real estate neeis. Uike thecir expertise 10 work for ioti. showing off vour house to its l)est We're prouci 10 have thern on advantage.losing th Éýà our tearn, and in ouir sale. And handling the f c ornnunitv. Thev're Une onsunîing piaper f t y'p sol id pros. ý%ith thie righit work. Our Neighbor- ~ ~ answers for ail voui hood Professionals exN real estate ques;tions. GOLD JACKET REALTY LTD. (416) 668-6221 824 Brock St. N. Whitby WE'RE THE NEUGHBORHOOD PROFESSIONALS.