As the holiday season approaches, Americans face record credit card debt yet are expected to spend between $979.5 billion and $989 billion, driven by job and wage gains, modest inflation, and healthy financial situations, according to the National Retail Federation. However, 36% of consumers reported taking on an average debt of $1,181 this season, indicating reliance on credit cards in the face of rising prices. Credit card balances are already 8.1% higher than last year, with high-interest rates exacerbating financial strain. Many shoppers may struggle to pay off their debt, impacting their financial goals for the new year.
