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On Tuesday, Financial guru Deborah Owens, joined Roland Martin on “NewsOne Now” to show you how not to go broke this holiday season.

Owens told Martin, “Retailers make 50% of their profits in literally six weeks and they know how to incent you” into buying more than what you intended. Ovens expressed her desire to inform the listening audience of what the traps are.

Owens suggested that you read the literature associated with gift cards so that you understand the terms of use.  She also explained you should beware of discounted purchases at the time of checkout when you open up a retailer credit card. Owens said, “What people don’t realize is  that retailer credit cards carry some of the highest interest rates, and if you’re going to open that card you would eliminate the savings” you initially get.

She also highlighted the “12 months interest free financing” as another holiday hoax  to get you to spend lots of money. Owens told Martin, “If you don’t pay all of that amount up when that 12 month term is over … they’re going to smack you with all the interest that you would have paid had you not paid that 0% down.” Owens added that these interest rates can be “onerous” and can range between 21%  and 23%.

Listen to Martin and Owens’ entire conversation about holiday shopping hoaxes that entice you to spend all of your money and don’t miss how Roland saves his money during the holiday season.

Be sure to listen to “NewsOne Now” with Roland Martin, weekdays at 7 a.m. EST and watch at 9 a.m. EST on TV One.

Subscribe to the “NewsOne Now” Audio Podcast on iTunes.