Christmas has come and gone and while most Americans have taken down the tree and cleaned up the mess, they've yet to evaluate the financial wreckage of another financed holiday season.
Reportedly shoppers in the U.S. racked up an average of $1,054 of debt over the 2020 Christmas season — an increase of 5% over last year. In fact, 44% of shoppers racked up more than $1,000 in holiday debt, while 5% accumulated more than $5,000 in debt. Go, Santa!
Bouncing back from those purchases won’t come as easy (for most people) as buying the gifts did, and paying off the doubt will outlast the holiday cheer by far...without a payoff plan, that is.
Based on a consumer survey, only half of those holiday spenders plan to repay the debt within 3 months — others (29%) said they need more than five months to pay it off - leading to interest on the credit card debt and growing balances. Like hamsters on a wheel, they'll keep throwing money at the...