“Stop digging:” Financial experts provide tips for shoppers to avoid going into debt this holiday season

DELMARVA – “Don’t use your Visa to a point where you tap out or I would say swipe out,” Gunn said.

This year’s holiday spending is going back to pre-pandemic levels and growing upwards of 4% from 2022 according to the National Retail Federation.

Financial Advisor La Mar T. Gunn with Gunn Wealth Management advised you tackle your holiday shopping by making a list and checking it twice. “When you approach the holiday’s, go into it with a preset amount and a list of things. Say for instance your son or daughter, assign a number to it. Once that number is hit, that’s it,” Gunn said.

About a quarter of Americans are still paying off holiday debt from 2022, according to a recent WalletHub survey.

Gunn said credit cards aren’t the only way consumers can rack up debt. He added new features like the ‘Buy now, pay later’ options may do more harm than good. “Because when you buy now and pay later, you’re just throwing away money and free interest you could have that would instead be working in the market and other places to help grow your assets,” Gunn said.

“If you don’t have that money set aside, don’t spend it. The easiest and best way to get out of that credit hole is to stop digging.”

If you’re looking for ways to make your dollar stretch locally, Benjamins Wear It Again here in Salisbury has you covered. The consignment shop offers brand new items for a fraction of retail price. “We’re offering a ‘Count to Christmas Mystery Discount’ sale. We have our little tree, and each pocket has a number and discounts range from 30-50% off our already low prices,” Owner Nancy Benjamin said.

Benjamin said that finding those local deals won’t just help you save, but keep the doors open to shops that make the community special. “We’re hoping that we can encourage people for a little brick and mortar recreational shopping. We shop owners do the happy dance when they come through the door,” she said.

Financial Advisor La Mar Gunn also says consumers should focus more on long-term financial freedom plans than holiday shopping.

Benjamins Wear It Again is teasing a one-day flash sale you don’t want to miss. We’re told you should keep you with the social media accounts to find out more.