DAYTON — Americans spent significantly during the holiday shopping season, with many opting for credit cards to make their purchases despite some product prices reaching all-time highs.
According to the accounts receivable company ACA International, more than 40% of shoppers identified credit cards as their preferred payment method for holiday purchases last year.
Additionally, Yahoo Finance reported that online holiday shopping totaled nearly $260 billion from Nov. 1 to the end of the year.
The National Retail Federation forecasts that total holiday sales will exceed one trillion dollars for the first time ever. This remarkable figure indicates a growing trend in consumer spending despite economic challenges.
Sarah Short, a community development specialist at Wright-Patt Credit Union, emphasizes that for those struggling with holiday debt, there are options available.
“For those who feel like they’re kind of already trying to keep their head above water, know that there are options. You can create a plan. You can do credit counseling. First and foremost, we want to know where our budget is so we know how much we can pay down on it every month,” Short stated.
As the consumer trend indicates significant financial movements, experts recommend that individuals dealing with debt from holiday spending seek supportive financial planning.
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