Or how about a joining a Christmas Club and using cash for Christmas? Stores like Sears pay as much as 3 percent interest, but don't forget to read the small print.Ways to be sure that you'll either shop smart of have some money for Christmas presents!
"You can't have an early withdrawal. If you do, they're going to hit you with a penalty," said Attorney Robert Semrad, Debt Stoppers USA.
So follow the lead of William McHenry. The retired sheriff's officer opened up a Christmas Club account at Seaway bank.
"It helps because it automatically goes into the club savings account," McHenry said.
The automatic transfer keeps McHenry from spending the money.
"This way it's there for that purpose and it'll be there when the time arrives to use it," he said.
It's not too late to open up a bank or store Christmas Club account, but most will send you a check in mid-November, just in time for the Black Friday sales after Thanksgiving.
Go here to find out more about Seaway's Christmas Club account.
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