Still holiday shopping? Here's how to avoid racking up credit card debt
Dec 11, 2024
INDIANAPOLIS There are about two weeks left to finish your holiday shopping. According to a survey from MarketWatch, almost a third of Americans said they will likely be in debt after the holidays. WRTV talked to experts about not breaking the bank and managing your credit cards.Shes [my daughter] got a big Christmas list, like a hoverboard and shes wanting a PS5, said Hoosier shopper Jasa Smart.Smart told WRTV she plans to spend around $2,000 on Holiday gifts.This year Im trying to avoid putting anything on credit cards. I like to pay cash or card for everything, said Smart.I prefer to spend money on just my debit card, added another shopper, Valentina Agudo.Its a strategy not everyone is following this holiday season.Experts said they are already seeing more people rely on credit cards and layaway programs.I think we're in a situation where we're going to see even more credit card debt, and we will most likely see higher delinquency in the next coming year, explained Dr. Larissa Adamiec, a Clinical Professor of Finance at Indiana University Kelley School of Business.Experts expect holiday spending to push the nations $1.7 trillion in household credit card debt even higher.They suggest if you are using a credit card this holiday season to: Find a 0% interest credit card or layaway system and transfer your debt there if possible. Pay more than your minimum payment or pay balances in full. Always look for the best deals.Be as focused on sticking to your own personal budget as possible, explained Adamiec. If you can't afford the item, perhaps, then this isn't the time to buy it.According to a report from NerdWallet, 28% of shoppers who used credit cards have not paid off presents from last year, which is an improvement from the year prior.