WEST PALM BEACH, Fla. — Black Friday and Cyber Monday are almost here and WPTV took a look at the latest trends in holiday shopping including the trend of "slow spending."
With a new report saying Americans owe more than a trillion dollars on credit cards, money experts said we need to slow down our spending this holiday season.
Ted Rossman with Bankrate.com said the first rule to "slow spending" is don't store your credit card number on websites to make it easy to click and buy. Also, avoid "buy now pay later" promotions and simply take time and sleep on it before making a big purchase.
WATCH BELOW: Ted Rossman discusses "slow spending" and the benefits
"Some people say sleep on it one night for every $100 the item costs," Rossman said. "The underlying problem that we're getting at is credit card debt."
Credit card debt is a big problem in the U.S. Rates are still more than 20%, and Americans are racking up balances with online impulse buying a big driver.
"Instagram and TikTok both have these social commerce engines now where you can just click and it says, 'Hey, do you want the outfit this influencer's wearing, click here to buy it,'" Rossman said. "That is scarily easy."
It might be a hard habit to break, but it could save you big bucks in the long run.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
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