New Holiday Season, New Debt
December 11, 2006
Every year around the holiday season people go wild with their spending and figure they will work it out after the new year. However, the Christmas season is a big reason that many find themselves living paycheck to paycheck. For the rest of the year they will be paying off huge credit card bills and this cycle will continue through to the next Christmas season, where it starts all over again. There are ways to either cut down on your spending or make some smart choices.
Opening accounts at the cash register can hurt.
Sure, you receive the 10 percent discount. But you may be paying a higher interest rate down the line than you could have found by shopping around for credit. “Shoppers often don’t ask about the terms,” said Lucy Duni, director of consumer education for TrueCredit.com, a unit of the credit bureau TransUnion.
I’m usually asked if I want to get a store card and save a percentage but I generally turn it down because I don’t shop at those stores often enough to really make the card worth it.
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