WEST PALM BEACH, Fla. — The holiday shopping season brought increased spending for many consumers, with estimates showing shoppers spent more than last year. Now, many are dealing with unwanted gifts and mounting debt as they head into the new year.
At the Tanger Outlets in West Palm Beach on Friday, shoppers continued hunting for deals in the post-holiday sales.
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"I'm shopping, everything is on sale," one shopper told WPTV.
Finding savings is particularly important this year, as LendingTree estimates 37% of Americans accumulated holiday debt averaging $1,200.
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For those who put holiday purchases on credit cards, budgeting expert Andrea Woroch recommends getting organized quickly.
"You really have to build in those debt repayments into your budget," Woroch said.
Woroch outlined steps for creating an effective budget for the new year.
"Once you identify each of your expenses, you can then make a plan where you can cut back, step by step, don't get overwhelmed, one thing at a time," Woroch said.
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Returning unwanted gifts has become more challenging this year, as more retailers are adding restocking fees for returns. These fees typically apply to shipped returns and range around 15% or between $5 and $10.
Woroch recommends returning items in person when possible or considering resale options.
"Remember, there's always regifting or reselling those items online on Facebook Marketplace, eBay. If it's clothing, sell it on Poshmark. You may not get the full value, but at least you're getting something for that item," Woroch said.
She also suggests converting unwanted gift cards to cash through resale sites like CardCash or Gift Card Granny.
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