Most Shoppers Racked Up Holiday Debt Last Year -- and Will Make the Same Mistake Again This Year
Despite the fact that American shoppers tend to map out their purchases well before the holiday season kicks into full gear, most consumers still will wind up with a pile of debt by the time they're done making purchases. According to NerdWallet's second Consumer Holiday Shopping Report, 56% of shoppers wound up adding to their debt load during the 2016 holidays. And unfortunately, it looks like they'll be repeating that mistake this year.
While the average shopper spent $657 last holiday season, this year, the typical consumer will plunk down $660 on gifts and the like. But since many Americans aren't in a better financial position this year as compared to last, those who racked up debt in 2016 are likely to do the same this year if they're not expecting to lower their spending.
CREDIT CARD DEBT IS NO PICNIC. IMAGE SOURCE: GETTY IMAGES.
Source: Fool.com
