Financial experts are warning Puerto Rico shoppers to plan ahead for the Christmas season, saying impulse purchases and heavy credit card use can set back personal finances during a period of rising spending. Gloribel Noriega, of PDTA F-TAX PR, identified five expenses that can hurt personal finances. Financial consultant and accountant Anette Espinet warned that Christmas shopping could be 4.5% more expensive this year, according to Visa projections, and estimated that each person could spend about $700 on gifts based on data the company presented.
Espinet recommended setting priorities and a spending limit before shopping begins, and urged comparing prices, identifying needs, reviewing promotions and controlling credit use. She also warned about installment payment platforms such as Klarna and Afterpay, whose obligations can affect a credit score if payments are not met. Finance expert Dianitza Padilla recommended opening a Christmas account and following three rules to avoid ending the holidays in debt.
The specialists agreed that offers do not necessarily represent savings and that planning is key to enjoying Christmas without compromising financial stability.