This holiday season promises a shopper’s paradise, hailed by Ted Rossman, senior industry analyst at Bankrate and CreditCards.com, as the “best discounting season in years.” Discounts, starting at 30%, abound across a wide array of goods, from trendy attire to cutting-edge electronics.
However, amid the glittering allure of savings, caution is advised. Rossman warns of potentially inflated prices and the likelihood that the best deals might not always be advertised during this bustling shopping period.
To navigate this season’s festivities astutely, shoppers are offered a repertoire of dos and don’ts. Unused gift cards, averaging $187 per person, hold significant value. Rossman advises swift utilization or reselling before potential expiration. Furthermore, credit card rewards, often overlooked, should be promptly redeemed to maximize savings. Savvy shoppers can augment their benefits by combining deals and leveraging credit card rewards.
Amidst the shopping whirlwind, vigilance is key. Rossman underscores the importance of thorough research on unfamiliar retailers, ensuring secure online transactions, and embracing multifactor authentication to safeguard against cyber threats.
However, he advocates prudence concerning impulsive credit card use, given the current record-high average interest rate of 20.72%. Instead, opting for cash or debit card transactions is recommended to prevent unnecessary debt accumulation.
While the holiday season is synonymous with joyous celebrations, Rossman stresses the significance of setting limits on gift-giving and initiating open discussions with friends and family to establish clear spending boundaries.
In conclusion, while this season presents unprecedented discounts, shoppers are urged to tread carefully, armed with informed decisions, to avoid a potential holiday debt hangover in the forthcoming year.
