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CNBC: Thinking About an Extended Warranty? Read This

It's the holiday shopping advice you hear every year at this time: Skip the extended warranties. Consumer advocates have repeated this mantra for decades.

"They're basically a waste of money," said Anthony Giorgianni, an associate editor at Consumer Reports. "If you get an extended warranty on everything you buy, you'll go broke trying to protect yourself from something that is unlikely to happen."

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