With Christmas in full swing and the gifts all under the tree, economists have noted that the majority of Americans still haven’t even paid off their credit card debt from last Christmas before adding the debt for this year.
The personal finance site WalletHub notes that credit card debt is rising in America, especially with Bidenflation oppressing us all.
Per Just the News:
“The fact that people are still paying off debt from last holiday season makes you wonder if they are going to fall into that trap again or are they cutting back because of last year’s debt,” WalletHub’s Chip Lupo said.
“In 2023, nearly one-in-four Americans had holiday debt from the year before, so that number essentially doubled from last year,” he said.
The same study revealed “68% of Americans say Santa will be on a budget this year because of inflation,” according to Lupo who told The Center Square that holiday budgets this year range from just over $200 to more than $4,000, depending on income, existing debt, and cost of living.
WalletHub added that average household credit card debt as of the third quarter of 2024, was around $10,757.
Thanks, Joe. You were a peach.
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