Holiday shopping: How to save most of money in one of 'best discounting seasons in years'

Holiday shoppers are in for a treat this season, with Ted Rossman, senior industry analyst at Bankrate and CreditCards.com, declaring it the "best discounting season in years." 

The market is flooded with generous discounts, starting at 30%, encompassing various goods from clothes to electronics. 

However, caution is advised as some discounts may be on inflated prices, and the best prices throughout the year might not be advertised during the holiday season.

Rossman warns against overspending and the potential risk of accumulating debt. To navigate this festive shopping season wisely, consumers are offered several dos and don'ts. 

Unused gift cards, averaging $187 per person, can be valuable assets. Rossman advises using or reselling them before potential expiration. Credit card rewards, often overlooked, should be redeemed promptly. Strategic shoppers can enhance their savings by combining deals and utilising credit card rewards.

Vigilance is crucial in the midst of the shopping frenzy, with Rossman highlighting the importance of researching unfamiliar retailers, ensuring secure online transactions, and adopting multifactor authentication.

However, he cautions against impulsive credit card use, given the record-high average interest rate of 20.72%. Instead, cash or debit card transactions are recommended to avoid accumulating debt.

Holiday joy can quickly turn into financial stress if not approached wisely. Rossman emphasises setting limits on gift-giving and engaging in open conversations with friends and family to establish spending boundaries.

Overall, while the season offers unprecedented discounts, shoppers are urged to proceed with caution, making informed choices to avoid a holiday debt hangover in the new year.