WASHINGTON (12/29/15)--A high-tech mobile phone or shiny vehicle may put a twinkle in the gift giver’s eyes, but the recipient might end up paying for the gift long after the wrapping paper is discarded.
The cost of maintaining new possessions, such as cars and even pets, can add up, according to Bruce McClary of the National Foundation for Credit Counseling (NFCC).
“Giving gifts to friends and loved ones is what makes this season special,” McClary said. “Feelings of joy can turn into disappointment if the presents being given are too expensive for the recipient to maintain, potentially sending them into debt.”
Here are some high-maintenance gifts that could result in recipient remorse:
If a gift is too costly to keep, look for ways to sell it to someone else or exchange it for one that is more affordable, the NFCC advised.