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Holiday shopping tips: How to be financially smart this season
This holiday season consumers going for ‘experience’ rather than a ‘physical’ gift: Kenny Polcari
Slatestone Wealth chief market strategist Kenny Polcari provides an outlook on the stock market, the Federal Reserve slowing down rate hikes, and warns consumers on Black Friday retail discounts on ‘Varney & Co.’
It's the time of year when shoppers can get caught up in holiday deals and spend beyond their means.
Emily Irwin, managing director and senior director of advice at Wells Fargo’s Wealth & Investment Management, has dubbed this trend the "swipe and forget" or the "click and forget."
Come January, some shoppers are then faced with skyrocketing bills that they can't pay for.
"Getting caught up in that holiday kind of whirlwind can lead to what I call the credit card or holiday hangover in January," Irwin said. "The bills start arriving, and potentially holiday shoppers may find that they don't have enough cash flow to pay off those bills in full."
INFLATION WON'T SLOW HOLIDAY SHOPPING FOR MANY CONSUMERS, SURVEY SAYS
Even if the deals seem sweet, these items can ultimately cost some shoppers more in the long run if they can't pay off their bills right away, according to Irwin.
Credit cards can hit consumers with high APRs, and if consumers miss a payment altogether, it can hurt their credit score too, she added.