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Also see how to save with senior discounts this holiday season.
The average APR is over 24%, the highest recorded rate since 1994.
Cash, on the other hand, doesnt have this issue.
But the reality is that all those little bits of overspending can add up fast.
Other Options Encourage Overspending
Its hard to overspend when you carry only cash.
Withretail credit cards, all you have to do is swipe and youre good to go.
But these plans usually come with fees that can make the original purchase that much more expensive.
Alternative payment methodssuch as BNPL make it easy for customers to overspend without realizing it, Hershfield said.
This can also lead to more debt and potentially other fees.
If youve got a budget app that tracks your spending, then thats a good alternative too.
But most retirees probably prefer just to use cash.
Maintaining agood credit scoregives you the opportunity to get better rates on insurance premiums.
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