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The holiday shopping season is upon us.
A recentPwCreport revealed that shoppers plan to spend $1,638 on holiday shopping in 2024.
Retailers are experts at getting you to spend more than you want.
If you fall prey to their tactics, a nasty credit card bill may await come January.
Thankfully, it doesnt have to be that way.
Avoiding these credit card traps will help prevent a surprising bill come the new year.
Also seeeight pro tips on how to budget for the holidays.
Buying Something Not in Your Budget
It happens to all of us.
Youre in the store to purchase a gift for a friend.
You see something that catches your eye and throw it in your cart.
While impulse shopping is fun, it quickly adds an unplanned expense to your credit card.
Go back to the basics of personal finance.
If you didnt budget for the purchase, dont put it on your credit card.
This doesnt mean you’re gonna wanna be a Scrooge.
You may even see more of this come the holiday season.
And keep in mind that these arent loyalty cards butactual credit cardsfor that specific store.
Store cards can be rife with high interest rates, making it worse if you dont budget for purchases.
Its usually best to politely decline the offer and use your standard credit card or another payment method.
sign in to your credit card account to identify potential savings opportunities.
They can range from a percentage off purchases at popular retailers to cash back on a purchase.
Not using them may needlessly overextend your shopping budget.
Just remember the discount is valuable only if you were already planning on purchasing something at the store.
That convenience cuts both ways, though.
Theres a mental piece to spending.
It hurts to part with money; the same can be said when shopping online.
If you have your credit card information stored, go into your tweaks and remove it.
Doing so adds one extra, albeit small, hurdle to making purchases.
Shopping forfriends and family membersduring the holidays can be fun.
Its also something that can lead to needless credit card debt.
Instead of flexing that plastic muscle, think twice before making a purchase.
Doing so can be an easy way to reduce or eliminate aholiday debt hangovercome January.
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