WEST PALM BEACH, Fla. — Black Friday sales hit a record of $9.12 billion from online shoppers.
Inflation doesn't seem to be stopping consumers this holiday season, but they are urged to beware of buying now and paying later. It's not so much about what you buy but how you plan to pay for it.
If you're paying with a credit card, there are some things you need to know so you don't overpay with higher interest rates.
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It's the most wonderful time of the year, but it can also be the most expensive too.
This year shoppers face rising inflation and higher interest rates.
"We're not making enough," shopper Lianys Ruiz said. "The rent is higher. The bills are higher, so we have to budget."
Cash is king for Ruiz, who is ditching plastic this holiday season.
"I'd rather not use credit cards so I don't have to pay interest," Ruiz said.
Finance website Bankrate said credit card interest rates hit 19% this month. If you're charging $100 on that card and can't make the payment in full, you're paying that plus the interest percentage on that $100.
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"When they're paying 18, 20, 22%, that's a lot, not too much of that goes towards your principal," Charles Czajka, the CEO of Macro Money Concepts in Martin County, said. "It's going to go towards paying that bank."
Czajka said he's seeing more clients rack up credit card debt.
Online loan marketplace LendingTree found that credit card debt across the country jumped 15% since last year at this time. Right now, Floridians on average owe $7,000 in credit card debt.
"It's important to understand that you've got to pay at least the minimum," Czajka said.
He said if you've accumulated credit card debt, try to pay one card off at a time.
"We call it the snowball effect," Czajka said. "That's where you start paying one credit card off [and] just pay the minimums on the others."
He said right now it's best to spend less this holiday season.
Several shoppers that WPTV spoke to agreed they have no choice but to downsize this year.
Also, if you miss a credit card payment, the bank can apply a penalty annual percentage rate (APR), which is a more extreme rate that can be as high as 29.99%.