ATLANTA — As the holiday shopping season kicks off, consumers are being urged to avoid store credit card offers due to soaring interest rates.
Channel 2 consumer adviser Clark Howard warns that store credit cards now carry interest rates averaging over 30%, with some reaching as high as 36%, making them the most expensive form of credit available.
“It is the worst, most expensive form of credit card you can use using a store card,” said Howard.
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During November, known as Black Friday month, retailers frequently entice shoppers with offers to save a percentage on purchases by opening store credit accounts.
However, Howard advises consumers to decline these offers to avoid accumulating high-interest debt.
Howard emphasizes the risk of failing to pay off store credit balances promptly, which can lead to significant interest charges that outweigh any initial savings.
Consumers are encouraged to be cautious and consider the long-term financial impact of store credit cards during the holiday shopping frenzy.
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