Families with children in elementary through high school plan to spend an average of $890.07 on school supplies, $25 more than last year's record of $864.35, the NRF found.
Already, credit card debt stands at more than $1 trillion, its own all-time high.
Consumer finance expert Andrea Woroch recommends applying, if you qualify, for a new credit card with a sign-up bonus.
watch nowThen use a cash-back site such as CouponCabin.com to earn money back on online purchases, including back-to-school supplies from Target, Walmart and Macy's.
The experts at RetailMeNot recommend stacking discounts; for example, combining credit card rewards with store coupons and cash-back offers while leveraging free loyalty programs.
Persons:
Philippe Huguen, Julie Ramhold, Ramhold, Andrea Woroch, Woroch
Organizations:
National Retail Federation, CNET, CNBC, Philippe, AFP, Getty, DealNews.com, Labor, Finance, Walmart
Locations:
New Jersey, Target