By Desiree Salas (media@latinospost.com) | First Posted: Nov 28, 2014 04:46 AM EST

The Black Friday shopping fever has begun and wallets and credit cards are getting a serious whipping amidst all those brow-raising holiday deals. While it's true that there's some benefits to be had in taking advantage of the discounts dispensed on the day after Thanksgiving, there's also the question of whether shoppers are going over their budget limits in the midst of the the buying frenzy.

"A new study shows that misestimating how much of a deal they'll get on Black Friday and underestimating how long it will take them to pay off their holiday splurges will cost American shoppers," Time reported.

A NerdWallet.com poll revealed that "families in the $50,000 to $75,000 income bracket won't pay off their debts for an average of nearly three months," the news source added. "Poorer families will pay off their debts a little more quickly, in an average of two months."

And while the debt remains unpaid, debt servicing costs could keep rising.

"The average APR on a general-use credit card is a tick under 16%," Time noted. "For store cards - you know, the kind many of us open over the holidays to get the one-day discount on purchases - it's even higher. They have an average APR of over 23%, higher if you have marginal credit."

Ouch.

So, how do you shop smart and evade those debt-inducing shopping maneuvers?

The Atlantic said that this begins with never forgetting the fact that "Black Friday isn't for you. It's for the stores."

"The biggest mistake that people make on Black Friday is that they assume that the most popular day of the year to shop is the best day of the year to buy anything," the publication pointed out. "Store-wide discounts aren't in the best interest of the store. It's more common that a few tantalizing items will be sold at a loss to lure shoppers while smart floor design guides them toward more profitable (even full-priced) items."

As such, it is wise to prepare a list of items that you actually need and stick to that to avoid impulsive shopping - and unwittingly putting yourself into more debt than you can handle. Don't be misled by the freebies that come with certain purchases. If the item itself isn't really necessary, then don't add it to your cart just because it comes with a freebie.

Meanwhile, CBC News advised that you should beware of additional charges that may come with a credit card.

"Find out what the exchange rate is from your credit card company, they may add a little extra on top of that as well," said Credit Counselling Society of BC president and CEO Scott Hannah.

© 2015 Latinos Post. All rights reserved. Do not reproduce without permission.