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Things to Remember During the Holidays and the End of the Year:
by Bradley S. Hunt, Attorney 
With the holiday season comes increased spending on gifts, decorations, and holiday celebrations. For many of us that means more reliance than normal on credit cards and other forms of borrowing money. Oftentimes people lose track of their spending when no money actually changes hands and the transaction is simply billed to a credit card to be paid later. So in order to avoid buyer's remorse come January when your credit card statements come in the mail, remember the following tips:
• Always be aware of the interest rate associated with the card you are using and be sure to use the credit card that has the lowest interest rate.
• Be aware of low introductory rates which may apply only for a few months and then increase to significantly higher percentage rate.
• Remember that unless you pay off the entire balance by a certain time that normally a finance charge will be added each month to your principal balance.
• Also factor in what you may have to pay pursuant to your next monthly installment and always remember that you are obligated to pay this debt over a period of time regardless if your circumstances change such as you get sick, injured, or possibly lose your job.
• In the event you are late in making a payment or miss a payment, the credit card company usually has the option to accelerate the entire balance due and make you pay it all at one time. Accordingly, it is wise to always have a budget and make sure you can pay your credit card bills on time factoring in all of the other monthly obligations.
The holiday season can certainly be one of the busiest and most stressful times of the year. One of the most stressful and unfortunate events that could happen to you during the holiday season is to have your credit card, debit card, or ATM card lost or stolen. In the event these cards are lost or stolen there are certain things you need to do immediately in order to limit your potential financial loss:
• Report the loss or theft immediately to the credit card company and your bank as soon as you realize what has happened.
• Follow up your phone call with something in writing informing them when you noticed the card was missing and the date you reported the loss via telephone call. If you report your loss before your credit card is wrongfully used you will likely not be held responsible for any unauthorized charges. In the event you report the loss or theft after any unauthorized charges, your responsibility will be significantly limited.
• Always review your monthly statements carefully for any unauthorized charges as your credit card can certainly be compromised without it actually being lost or stolen. In the event you notice an unauthorized charge, report it immediately to your bank or credit card company.
• Some additional recommendations are to keep a record in a separate safe place from your cards that lists your account numbers, PIN numbers, and the telephone numbers for each card issuer so that any loss or theft can be reported quickly.
• Also, only carry the cards that you anticipate that you will need for that day.
Although these steps may cost you a minute or two on the front end, in preparation, it will save you hours in the event your credit cards are lost or stolen.
The end of the calendar year is also a good time to review any existing estate planning documents to insure that they are up to date and current with your desires on how you want your property distributed in the event of your passing. Be sure that you have a Last Will and Testament, Durable Power of Attorney, Health Care Power of Attorney, and Living Will in place and that you are still comfortable with the individuals named to act on your behalf pursuant to these documents. If you are approaching the ages of 60-65 this may be the year to consider longterm care insurance and longterm care planning. Be sure to double check and make sure that all beneficiary designations on all retirement accounts and life insurance policies are accurate and that there is an alternate or contingent beneficiary's name out of an abundance of caution.
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