Black Friday deals are here; Expert weighs in on staying out of holiday debt

MISHAWAKA, Ind. --- Holiday spending is one of the biggest reasons Americans go into debt.

Whether you’re an over spender or an under spender, it can be pretty easy to get caught up in Black Friday and the season of giving.  

“It’s fun to just go out sometimes, spend some time with the family and get off the couch,” Isaac Aguilar said, a Black Friday shopper.

Phil Ellis, a financial expert with the Brittison Financial Group, suggests keeping one thing in mind before swiping your credit card; that is the terms of your credit card.

 “I don’t think you need to stay away from it so much as just understand the rules of that credit card,” Ellis said. “If you don’t pay it off, when that first bill comes around, you’re going to end up paying interest on. So, you may feel like you’re getting a great deal on something but if it takes you six months to pay if off, you’re paying all that in interest.”

According to the Federal Reserve, Americans owe a record $1.04 trillion in credit card debt as of March of 2019. That number not surprisingly surging during the holiday season.

If you’re an over spender, Ellis says the best thing to do is budget yourself before the holiday season comes around or, even buying your Christmas presents early instead of all at once.

“If you can do that and stick to your budget and stay in line with what you do it’s just going to help you in the long run,” Ellis said.

If Black Friday shopping is in your future, a full look at what’s open tonight and tomorrow can be found here.