More than half of shoppers are going into debt this holiday season, study finds

More than half of shoppers are going into debt this holiday season, study finds  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, DEC 01, 2021 YOUR WEALTH Editor's Note Debt is something we should avoid at all costs. If you don't believe me, you may want to take some sound advice from the Oracle of Omaha. Warren Buffett, who is arguably one of the greatest investors of all time, once offered this advice to a young investor at a Berkshire Hathaway annual shareholder's meeting: "Just don't get into debt. It's very tempting to spend more than you earn, it's very understandable. But it's not a good idea." He added: "If you're deep in the red, it may be a good idea to never look at a credit card the rest of [your] life." To be fair, no one tries (or wants) to get in debt. It's just one of those things that can happen and you may even feel as if it's out of your control. However, it is possible to get out of debt and stay out of debt. The hardest part in trying to avoid debt is limiting yourself. Spending has become one of the most popular temptations in today's society. However, there are strategies you can use to avoid falling into a hole of debt. Here are some common-sense rules to follow: • If you can't afford it, don't buy it. • Cut-out the wants, focus on the needs. • Live within your means. • Create a monthly budget and stick with it. • Pay with cash whenever possible. • Stay within your spending limits. • Avoid impulse purchases. • Avoid "buy now, pay later," "interest-free financing" offers that postpone debt. • Compare prices before making major purchases. • Take only the cash with you that you can afford to spend while shopping. • Avoid borrowing to finance "staple" purchases. • If you can't avoid borrowing, use the lender that offers the lowest interest rate. • Avoid bank overdraft charges by keeping close tabs on bank balances. • Keep a record of all credit card purchases. • Pay off your credit card balances in full. • At the very least, always pay more than the minimum payment on credit card bills. • Avoid applying for more than one or two credit cards at a time. • Consider transferring balances to a lower-rate card, making sure the low rate applies to balance transfers. For more cool stuff like this, check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia Money Editor @JIMPAVIA More than half of shoppers are going into debt this holiday season, study finds As many as 56% of shoppers have made a purchase with "buy now, pay later" that they couldn't pay off, according to a recent survey. More than 1 in 3 U.S. adults carry medical debt, survey finds Medical debt is a growing burden among Americans, with more than 1 in 3 adults carrying a balance, according to a survey from Healthcare.com. Cramer suggests putting some cash to work after Tuesday's decline, 'it's too late to sell' The "Mad Money" host advised long-term investors to put some capital to work in an S&P 500 index. Social Security retirement claims haven't surged amid Covid-19. Here's why Workers age 70 and over were more likely to retire amid Covid-19, and they likely already claimed Social Security retirement benefits before the pandemic began. Cowen says supply chain woes are here to stay until 2022, picks stock winners to ride it out Supply chain disruptions will likely persist through next year, according to Cowen. The firm selected stocks best positioned for the challenge. The infrastructure bill cracks down on crypto tax reporting. What investors need to know Cryptocurrency investors may face higher taxes as the infrastructure bill cracks down on future IRS reporting, financial experts say. Home price gains slow down for the first time since May 2020 Home prices are still higher than a year ago, but the gains are now decelerating for the first time since the pandemic began. Here's how to get a jump-start on the upcoming tax season There are several ways to get a jump-start on the upcoming tax season, according to top financial advisors. Here are some steps for taxpayers. Medicare open enrollment ends Dec. 7. Here's why you should review your 2022 coverage if you haven't already While beneficiaries aren't required to take action, as their 2021 plan generally would renew for next year, experts say that could be a mistake. This is why you don't run off and join the circus "I don't know whether or not this new strain of the disease will be something we'll be talking about for six months or six days. You don't either ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS