Law and Rights
Everyone got a lot of gift cards at Christmas, no doubt, but some of those are already worthless and others are about to be.
The Shaper Image gift cards, for instance, aren't worth the plastic they were made with now and others could get wiped out too. There are over $1 billion in gift cards floating around at any given time and many of them are at risk of becoming worthless this year. Why?
Sharper Image filed bankruptcy and that killed their gift card responsibility. As more businesses file bankruptcy this year, more cards are at greater risk than ever before. The moral? Use it or lose it, folks.
In February Sharper Image announced that acceptance of gift cards was being suspended. Kaput. Out of luck. Worthless.
Consumers spent an estimated $26 billion on gift cards last holiday season and $24 the year before, according to the National Retail Federation.
So is there a big risk of gift cards in your pocket becoming worthless? The number of retailer bankruptcies this year is forecast to rech the highest levels in 17 years - ever since since the 1991 recession. Who says we aren't in a recession?
Some estimates are that shoppers could lose more than $75 million just from stores and restaurant closing in 2008. And that doesn't include smaller local stores and retailers and service providers. What can you do?
Be careful. Your best best is to avoid the "branded" gift cards and only buy a Mastercard or Visa or American Express gift card. Like their credit cards, they are more universal than the smaller company gift cards anyway and you've got a company behind the plastic that is much more likely to be around next year.
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Law and Rights
Worthless Gift Cards
Everyone got a lot of gift cards at Christmas, no doubt, but some of those are already worthless and others are about to be.
The Shaper Image gift cards, for instance, aren't worth the plastic they were made with now and others could get wiped out too. There are over $1 billion in gift cards floating around at any given time and many of them are at risk of becoming worthless this year. Why?
Sharper Image filed bankruptcy and that killed their gift card responsibility. As more businesses file bankruptcy this year, more cards are at greater risk than ever before. The moral? Use it or lose it, folks.
In February Sharper Image announced that acceptance of gift cards was being suspended. Kaput. Out of luck. Worthless.
Consumers spent an estimated $26 billion on gift cards last holiday season and $24 the year before, according to the National Retail Federation.
So is there a big risk of gift cards in your pocket becoming worthless? The number of retailer bankruptcies this year is forecast to rech the highest levels in 17 years - ever since since the 1991 recession. Who says we aren't in a recession?
Some estimates are that shoppers could lose more than $75 million just from stores and restaurant closing in 2008. And that doesn't include smaller local stores and retailers and service providers. What can you do?
Be careful. Your best best is to avoid the "branded" gift cards and only buy a Mastercard or Visa or American Express gift card. Like their credit cards, they are more universal than the smaller company gift cards anyway and you've got a company behind the plastic that is much more likely to be around next year.
Burdge Law Office
www. Burdge Law .com
Helping Consumers Protect Themselves Since 1978
www. Burdge Law .com
Helping Consumers Protect Themselves Since 1978
Subscribe in a reader- Holiday Tips For Divorced Families
On behalf of Edwards & Associates posted in Custody on Thursday, December 16, 2010 In our last post, we discussed parental alienation syndrome and the importance of children having both parents in their lives. Right now, the holiday season is upon...
- Credit Card Debt In Divorce
Credit Card Debt in Divorce By Aaron Larson Law Offices of Aaron Larson While divorcing couples frequently carry credit card debt, often little attention is paid to these debts beyond their being assigned to one spouse or the other in the divorce judgment....
- Tell-all Consumer Law Book Released - "consumer Courage"
Get it free. Use it to protect yourself.You have more legal rights than you know. And now there's a free book that tells you all about your legal rights as a consumer in the marketplace. There are a lot of consumer protection laws in every state and,...
- Giving Back With Giftpacks Filled For The Needy
Each year the staff of Burdge Law Office does something for a local charity to help out the needy. ??This year we returned to Fairhaven Church to help Homefull.org. Homefull works tirelessly to help homeless people by providing housing relocation...
- The Credit Card Universal Default Ripoff
Quick, call your credit card companies and ask if they use "universal default". If they do, you lose. With this clause buried away in their "Terms and Conditions" of your credit car, they can charge you huge rates --- up to 35% interest --- if you are...