ROANOKE TIMES
Copyright (c) 1995, Roanoke Times
DATE: Monday, December 25, 1995 TAG: 9512270046
SECTION: MONEY PAGE: 16 EDITION: HOLIDAY
SOURCE: MAG POFF STAFF WRITER
Christmas, the day we have shopped for over many weeks, is finally here, and the presents are unwrapped.
Now we have a new set of problems. The blouse is too big, the slacks are too tight, and the toaster oven doesn't work.
Not only that. You may have buyer's regret over having spent more money than you can comfortably afford. You are afraid that you are in financial trouble.
There are answers to these problems, so don't let them trigger post-holiday blues.
If you haven't tried on your new clothes or tested your appliances, you have little time to waste.
Fran Stephanz, executive director of the Better Business Bureau of Western Virginia, said each store sets its own return policy. And, contrary to popular belief, stores generally aren't obliged to take back the merchandise they sell, although they must post their return policy inside the store for buyers to see.
As a practical matter, Stephanz said, most merchants in Roanoke and Western Virginia allow returns for credit or exchange. Only a few smaller stores, she said, limit their returns to the exchange of goods.
But, she warned, many stores do have deadlines for returns and exchanges, typically Jan. 6 for items purchased for the holidays. After each store's deadline, a shopper returning merchandise is likely to find similar items on clearance sale, meaning the sale price rather than the pre-Christmas full cost might be refunded.
Stores require some proof that the item was purchased there, Stephanz said. One reason is to prevent shoppers from buying gifts at a discount house and returning them to a full-service department or specialty store. "They have to be sure it's theirs," Stephanz said of the stores.
Normally, you should check the warranty on an appliance or electronic gift before you buy it. If you didn't do that, Stephanz said, you should do it now. Some are full warranties, while others are limited in the scope of what they cover. Warranties also vary in the period they cover.
But if the item is defective, she said, the store must offer an exchange or refund on the spot. Stephanz said this is a federal regulation.
Save the warranty information and mail in the warranty or registration card, she said. You may need that information if the appliance ever breaks down because, in most cases, the item must be returned to the manufacturer for repairs.
Remember, Stephanz noted, the warranty is only as good as the company behind it.
Owners of new electronic and appliance gifts also may be facing a decision as to whether it's worthwhile to pay for an extended warranty.
Consider this very carefully before putting up the money, Stephanz advised.
In a typical case, she explained, the blender or hair dryer comes with a year's warranty while the offer is for two years of coverage. That means you have double coverage for the first year. And, Stephanz said, anything mechanical that is going to fail will likely do so within the first 90 days.
Tuesday will be a good time to shop for next Christmas, Stephanz pointed out. Practically all items will be on sale, she said, but prices on holiday items will be cut especially steeply. You can buy anything from ornaments and tree lights to Christmas sweaters at bargain prices.
A Christmas problem for many people is the feeling that they have overextended themselves financially.
Stephanz said this is the time to resolve that you will prepare a gift budget next Christmas, then stick to it.
The mistake you might make now, she said, is to make only minimum payments on your account. She advised people to forgo treats such as eating out, then pay extra money on credit card bills.
If you charge $1,000 and take 50 months to pay, Stephanz said, you will have paid a total of $2,300 for those items.
Virginia Garretson, president of Consumer Credit Counseling, said the agency can help people who are in serious trouble with their household finances. The service is supported by local merchants and is free to the public.
The agency can help a family prepare a budget. The counselors also can work with many creditors to extend payment schedules and, in some cases, to waive interest. If necessary, families can make payments to the agency, which in turn will distribute the money to creditors.
Consumer Credit Counseling also offers a free family budget and money management class for people who are in less trouble or who just want to do a better job of handling their money. The class, which lasts two hours, is given at the agency headquarters on Peters Creek Road.
The next classes are scheduled for 6:30 p.m. Jan. 4 and Feb. 1. To register, call 563-0076.
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