Gift Wrap: Wrapping Up a Smile

With approximately $2.9 billion of gift wrap and related accessories sold annually, according to Hallmark research, Americans have a lot of wrapping to do before this Christmas.

Infographics: Wrapping Up a Smile © CreditDonkey

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"Gift wrap is often the first thing purchased and the last thing cleaned up during the holiday season," said Charles Tran, founder of the credit card comparison website, CreditDonkey.com. "Savvy consumers know that after all the gifts are open, there are still bills left to be paid. It is important to make sure consumers have access to financial tools, services and information to make informed and responsible decisions on credit."

A survey commissioned by Scotch brand tapes revealed one in four people wrap their gifts one or two days before giving the gift. In a similar survey, 28% of Americans say that wrapping gifts put them more in the "holiday spirit" than shopping does.

With 14.1 million adults still carrying last year's holiday debt according to a recent survey by Consumer Reports, the experts at CreditDonkey.com recommend the following tips to help consumers stay out of debt this holiday season.

• Use your rewards and points for holiday shopping. Make sure to use your reward points before they expire.
  
• Many credit cards offer introductory bonuses upon first purchase. If you plan to pay off your balance in full, consider signing up for a credit card with an introductory bonus.
  
• Some credit cards offer 0% introductory APR for a limited time. If you plan to carry a balance, consider comparing your existing cards APR to introductory offers. Make sure you pay off the balance before the introductory period ends.
  
• The best gifts come from the heart. Consider making some of your holiday gifts. Or donate your time to help friends, family and causes you care about.
  
• It's OK to re-gift new, unopened gifts in good condition - as long as you can avoid offending anyone and it's something the new recipient will love.

What are you wrapping up this holiday season?

Write to Emma at emma@creditdonkey.com

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