Black Friday 2017 is almost here, and so is the holiday shopping season.
According to Statistic Brain, 133,700,000 consumers will be shopping in stores or online for Black Friday 2017, with average internet spending around $159.55.
The average person spends around $900 on gifts for the holiday season. 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 that it’s not.
Putting your holiday and Black Friday 2017 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 larger number. This can impact your credit score, your credit history, your debt to income ratio, and more.
Going into debt for gifts and holiday events just adds stress, and it takes away from the true meaning of the holiday season. [Read more…]