(WTNH) — According to recent reports from the National Retail Federation, holiday shopping is set to reach record highs this year, doing damage to your wallets.

With inflation at a 40-year-high, wages declining, and lower savings rates, shoppers will be tempted to rely on credit cards for gifts this year.

But that’s not the only way out!

Chartered Financial Consultant, John Caserta, joined News 8 to discuss alternative plans so you’re not wracking up credit card purchases this year.

Watch the video above for the full interview.