"This year, I'm sticking to it," you say in November, but by
December 26 you're shuddering at the infamous post-holiday credit card
bill. As the shopping rush begins, you're busy checking off the list, but what
you don't check twice is the growing debt that often gets overlooked this
time of year.
Research from Deloitte shows that the average consumer is
expected to purchase more in 2024, with sales figures reaching those
observed pre-pandemic. While people have returned to a sense of normalcy
and the job cycle has settled, disposable personal income has not. This is
expected to weigh heavily on consumer spending and budgeting, motivating more
shoppers to maximize their spending through holiday deals.
Inflation remains a deterrent for many shoppers as
they plan for gift-giving and holiday hosting. According to a recent
survey conducted by Bankrate, two out of five survey respondents said inflation
will change the way they shop for the holidays this year.
With nearly 30 days to go, items are fluctuating in price
between Black Friday and Cyber Monday, retailers are preparing for the
inevitable week before the Christmas rush. With sales popping up all over the place
be sure to track the cost of items you are buying, keeping in mind prices can
vary from different websites to in-store.
This allows you to price compare, when possible, to
ensure you're scoring the best deal. When online shopping, take heed of
shipping costs to avoid piling on extra expenses. Take advantage of free
shipping when you can, or buy gifts in bulk, most online retailers will offer
free or discounted shipping over a certain amount.
Ready to tackle holiday shopping and debt consolidation in
one fell swoop? With a personal loan, lenders provide a lump sum amount
that you repay over time.
Typically, personal loans have a lower interest rate than
credit cards, costing you less over time. And while everyone likes a gift
that keeps on giving, credit card debt is not something you want to keep
accumulating. Interest and fees can add up and create a cycle of debt
if balances are not paid. Personal loans require you to make regular, consistent
payments, helping you to stay on track.
Whatever your plans for the holiday season, taking a
few steps now to manage your spending can lead to a stress-free start to the new
year. While you're checking off your shopping list be sure to stick to a budget
that works for you.
For more information about personal loans, savings, and
checking options, visit telhio.org.
