Credit concerns rise and holiday shopping increases
OMAHA, Neb. (WOWT) – Americans are swiping the plastic now and worrying about the cost later, and that can have serious financial consequences.
According to the financial experts, household debt is increasing at a very fast pace partly because of increased credit card usage. Add to that Bankrate.com reports that credit card interest rates have soared to their highest level in years, nearly 20 %.
With the holiday shopping season about to kick into high gear, Sam Hohman, the CEO of the Credit Advisors Foundation in Omaha, says many consumers are on a collision course with lots of expenses and the need for quick money in order to spend, spend, spend.
She told 6 News, “If you are going to start Christmas shopping you are going to start increasing the balance on your credit cards. With the high rates you are in for a world of hurt in 2023.”
Hohman offered this advice on how to stay out of major credit card debt. She says be practical and buy gifts that you know somebody will use and appreciate such as a gas card. Also, make a list and a budget and stick to it. Go into a store and get the specific item you are looking for and leave.
If you are on the internet, do not poke around for the deals of the day because you will end up buying items you do not need.
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