Overview
- U.S. holiday spending rose an estimated 4–6% from last year to roughly $1.1–$1.3 trillion.
- The National Retail Federation estimates the average American spent about $1,300 on holiday expenses.
- About 60% of shoppers used credit cards for purchases, and roughly 46% of cardholders carry balances at average rates near 20%.
- Making only minimum payments can stretch repayment for months or years and greatly increase total interest costs, lenders warn.
- Nonprofit counselors advise calling issuers to request temporary rate reductions that could save up to about $500 over a year and using Avalanche or Snowball payoff strategies.