The average person spends around $900 on gifts for the holiday season, according to American Research Group. That amount doesn't even account for other holiday spending, such as travel costs, food, get togethers, decorations, and more.
Some people even go into credit card debt to spend for the holidays, but is that really worth it?
I'm going to guess not.
Putting your holiday spending on a credit card is a major problem because you will eventually have to pay off that debt.
Plus, interest and other finance charges may be added, meaning that small amount you put on your credit card will grow into a much bigger number. This can then impact your credit score, your credit history, your debt to income ratio, and more. [Read more…]