Holiday Debt Surges, Straining Households
Update: 2025-12-23
Description
Rising prices and high interest rates pushed more Americans to charge holiday gifts on credit cards this season, with thirty-seven percent racking up an average of one thousand two hundred twenty-three dollars per person. Parents with kids under eighteen were hit the hardest, with nearly half borrowing to cover costs. Most turned to traditional credit cards, with sixty-two percent using them. The debt lingers, with sixty-three percent saying it will take three months or longer to pay off. Consumer spending stayed strong, but average credit card balances climbed to six thousand five hundred twenty-three dollars per person. Experts warn this mix of big spending, costly credit, and stretched budgets could leave many households feeling the pinch for months to come.
The Daily News Now! - Every city. Every story. AI Powered.
Hosted on Acast. See acast.com/privacy for more information.
Comments
In Channel
Download from Google Play
Download from App Store
United States00:00
00:00
1.0x
