🎃🎄The highly anticipated holiday season is approaching and LaurenYoung says the time to start your holiday shopping is NOW! 🛍 In her newsletter, Young Money, she gives payment plan tips and advice on where to find the gifts you want 👉
And since this is a personal finance newsletter, we need to have a frank talk about how you're going to pay for all of those gifts ahead of your usual schedule.
What concerns me is that an early wave of holiday shopping could lead to mounting credit card debt. While Americans did a spectacular job paying down bills and saving money since the pandemic started, credit card debt isCredit cards are not always bad. When purchasing electronics or high-end items, I tend to use plastic, either a Chase Sapphire Credit Card or a USAA Signature Visa.
But slapping a bunch of stuff on a credit card, particularly one with high interest rates, is not a smart financial move, if you cannot pay off the balance in a timely fashion. Credit card debt is especially pernicious. It can be very challenging to escape as balances rise to a certain level, combined with sky-high interest on revolving debt. Add in late fees or missed payments, and the cycle is hard to break.
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