Written by Whitney Wetzel
Last updated on November 20, 2012 @ 7:15PM
Created on November 20, 2012 @ 5:27PM
"Merry Christmas!" Can you believe it's already that time of the year again? While most people will soon be putting up their Christmas tree and digging into a nice Thanksgiving meal, others will be doing something else: spending.
"We usually use our credit card most of the time. We spend it this month and pay it off next month," said Peggy Barnett, a holiday shopper 5 News caught up with spending time at the mall with her three grandchildren for her birthday.
"I'm using cash. I'm trying to cut back on my credit card," said Doreen Branham, another holiday shopper at the Meadowbrook Mall.
Since the economy is still shaky, some shoppers said they'll be cutting back. "Well, I have spent more in other years, but this year it seems like everybody wants big things," said Doreen Branham.
But others said it's the giving season. "No, no. We just live our life just like it is. God gave it to me, so I'm going to give it to the merchants," said Peggy Barnett.
CEO of LowCards.com
, Bill Hardekopf, said using credit could be a good idea for some. "It's great to put all your Christmas presents on a credit card if you use the credit card wisely."
But for many people, that's the hard part. Credit experts said using your card wisely, means paying it off in full every month. While that system has its advantages, spending without paying has a downfall.
"If however you're not financially responsible, then it's a very bad idea to do it because of the steep financial penalty that you're going to be assessed called the APR, or the interest rate. So, it depends on how responsible you are," said Bill Hardekopf.
For more tips on finding the right credit card for you, visit LowCards.com
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