People often ask Clark when they should get rid of their electronics and/or when they should fix them. When it comes to digital cameras, camcorders, TVs and laptop computers, Consumer Reports says that it's OK to fix them during the first year of ownership. Some electronics come with a 1-year (or 90-day) warranty that allows for repair or replacement. So here's a tip: Don't use instant in-store financing when you initially purchase electronics. First, it will hurt your credit to do so. Second, you will miss out on the automatic doubling of manufacturer's warranties that your credit card may offer.

Let's return to the Consumer Reports advice: Fixing during the first year is a no-brainer, but the second year is a flip of the coin for most kinds of electronics -- except laptops. With laptops, the prices drop so rapidly and the technology advances so quickly that you'll be better off just buying a new one. So that brings us to Clark's final point: When should you buy an extended warranty on an electronics item? Never! Consumer Reports recently revealed that HDTVs are now so reliable that you never need to waste your money on warranties.