Find out how to recognize when impulse shopping is a problem, what to do about it, and how you can manage growing debt.
Lured by convenience, free shipping offers, flash sales, deal sites, or coupons, millions of American fall prey to the world of online shopping. The beauty of this routine lies in its accessibility — all you need is a credit or debit card and a Web browser. But it’s easy for this occasional habit to turn into a binge or a full-fledged addiction. Financial experts Nicole Lapin and Farnoosh Torabi share how to recognize when impulse shopping is a problem, what to do about it, and how you can manage growing debt.
Make Micropayments on Existing Debt
Already under rising debt from past purchases? Tackle them by negotiating your interest rates and setting up micropayments that recur daily, weekly, or monthly, according to your own schedule. One of the easiest ways to do this is to set up automatic payments from your checking account. Lapin recommends making sure these micropayments are manageable amounts that you can actually afford. This way, you won’t forget about them and you won’t feel burdened by making large payments at once.