State Bank is kicking off the 2012 holiday shopping season with tips to avoid a post-holiday credit hangover.

A National Retail Federation survey released earlier this month showed consumers will spend an average of $749.51 on gifts and holiday goodies. We spent $740.57 per person last year, the group said.

Here’s how that spending breaks down:

— $421.82 on children, parents and relatives

— $75.13 on friends

— $23.48 on co-workers

— $28.13 on others, including pets

— $100.76 on food and candy

— $28.66 greeting cards

— $19.55 on flowers

— $51.99 on decorations

All in all, the federation is predicting a $586.1 billion haul from the holidays.

Keep in mind that January bills are only a couple of months away.  If you’re not budgeting for your holiday purchases, you’ll find yourself bringing in the New Year with last year’s debt.

• Create a budget and stick to it. Set a dollar amount based on what you can afford this holiday season. Be sure to include a cushion for unexpected expenses.
• Make a list. Write down the names of the people you plan to buy gifts for and how much you can afford to spend. Don’t forget expenses like wrapping paper, cards and postage.
• Bake some cookies. If you can’t afford to buy gifts for everyone on your list, bake some holiday goodies and wrap them with a bow. Handmade gifts are a special way to say ‘Happy Holidays’ without overspending. Be sure to include these costs in your budget.
• Use credit wisely. Your credit card balance shouldn’t be a complete surprise when you open your statement in January. Avoid going into debt for gifts.
• 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.

Courtesy of Khan Academy

What is a Ponzi Scheme and how does it work?  This video gives a great explanation of what a Ponzi Scheme  is and how it can deceive investors out of a lot of money. This type of scheme can last a very long time and can affect a large amount of people.  Unfortunately it is almost impossible to know when a Ponzi Scheme is taking place until it is too late, often when all the money is gone.

Courtesy of bankrate.com

Your debt-to-income ratio can be a valuable number — some say as important as your credit score. It’s exactly what it sounds: the amount of debt you have as compared to your overall income.

Lenders look at this ratio when they are trying to decide whether to lend you money or extend credit. A low DTI shows (more…)

Victims of Zeek Rewards or Rex Ventures may look to the following web site for information: http://www.zeekrewardsreceivership.com/FAQ.html

The court-appointed Receiver who is handling claims has notified financial institutions that Cashier’s Checks issued to Zeek Rewards or Rex Ventures Group will be enforced. Stop orders must be removed so that the checks will be processed without further delay.

The posting provides the following legal background:
“The Uniform Commercial Code provides that a customer purchasing a cashier’s or teller’s check has no right to stop payment (see Section 4-403, cmt. 4). If a bank refuses to pay a cashier’s check or teller’s check presented by the Receiver, it may be required to pay for the Receiver’s expenses and loss of interest resulting from the nonpayment, as well as consequential damages (see Section 3-411).”

“All cashier’s checks and teller’s checks issued to ZeekRewards constitute assets of the Receivership Estate. Claims for monies invested in ZeekRewards through cashier’s checks will be administered together with other claims on the Receivership Estate.”

“The court’s orders and the Uniform Commercial Code establish that cashier’s checks in the Receiver’s possession are Receivership Assets. The Receiver is required to present these cashier’s checks for payment and has no discretion not to.”