The holiday shopping season is in full swing, but unfortunately, so is the recession. The good news? With a few tips, there are many ways to save some cash this holiday season and avoid scams and financial pitfalls.
Beware of gift cards: This time of year, gift cards may sound like an easy solution for the loved ones on your list. Gift cards, however, can be fraught with hidden problems and hidden fees.
When buying a gift card, be sure to read the fine print carefully, and advise the recipient of your gift of any restrictions or potential costs. Groups such as the Consumers Union and the U.S. Public Interest Research Group warn against the dangers of gift cards, which can provide retailers with cash in return for a delayed service or product. Many cards are never redeemed. According to the Consumers Union, a number of retailers have filed for bankruptcy and shuttered their doors since last holiday season. Read more about Betsy Gotbaum’s past work warning about the problems with gift cards.
Beware of Loan Scams: If someone offers you a loan that sounds too good to be true, it probably is. Warning signs include: 
- Advertisements that say, "No credit? Bad credit? No problem!"
- Payday lenders, who let you borrow money -- at extremely high interest rates -- until your next paycheck. Also, payday lending is illegal in New York.
- Loans that require no money down.
Know Your Rights: The New York City Department of Consumer Affairs is a resource for New Yorkers who feel they have been misled or unfairly taken advantage of by a business. The DCA secures an average of $3 million annually in restitution to consumers, and their website can help you file a complaint against a business, download consumer complaint forms, get more information about mediation for your complaint, and learn more about the city’s consumer protection laws. Additionally, the state consumer protection board website provides advice on holiday shopping.
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