Holiday Debt Surge: Americans Spend More, Regret Less

LendingTrees data reveals that thirty-six percent of Americans incurred debt during the previous holiday season, with parents of young children being the most likely to do so. The average debt taken on was one thousand one hundred eighty-one dollars, a significant increase from the year before. Forty-two percent of these shoppers regretted their spending, and twenty-one percent expect it will take five months or longer to pay off their holiday debt. Despite high interest rates, two-thirds of those in debt wont try to consolidate it. Meanwhile, Costcos CFO notes a more cautious approach from shoppers, with a deceleration in year-over-year growth for non-food items. Overall, holiday spending is expected to rise by about four point six percent this year, but this increase is largely driven by higher-income households, with lower-income families anticipating cutting back. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.