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Below are thepitfalls to keep an eye on.
Many individuals underestimate the impact of interest rates and fees that can accumulate over time.
Layaway Plans Are Risky
Another danger, according to Shahnazari, is layaway plans.
It allows the consumer to lock in goods without having any upfront payments.
This becomes problematic during holidays, when consumers might not see these added expenses coming their way.
Understanding the full scope of payment options is crucial, he said.
What seems like a convenient solution can quickly become a financial trap.
She added thatmanaging multiple payment planscan complicate your budget, especially during an already expensive season.
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