Photo: Getty Images
A new survey from CreditCards.com revealed that nearly 50% of Americans have unused gift cards collecting dust around their homes. Those gift cards are worth an estimated $21 billion.
The survey estimates that the average person has about $175 worth of unspent gift cards, which is up from $116 last year.
"It's like finding that $20 bill in that jacket pocket from last winter," said Ted Rossman, senior industry analyst at CreditCards.com, according to CNBC. "But in this case, it's even more money than that."
Rossman said that people shouldn't hold onto their gift cards, especially with rising inflation bringing down their value. In addition, some stores charge inactivity fees, slowly eating away at the available balance.
Keeping the gift cards is also risky because the store or restaurant that issued if may go out of business, leaving you with a worthless piece of plastic.
"My advice would be to use them because they're not going to be more valuable over time," Rossman said.
If you don't know what to buy with the gift cards, you can always regift them or use them to buy presents for friends and family members.
"Regifting gift cards is a great way to also stretch your budget since you don't have to spend money on a gift for an upcoming celebration," said money-saving expert Andrea Woroch.
"Just make sure the gift card is valid. It is better that it isn't partially used, or else it will look a bit more obvious that you are regifting it," she added.