More holiday spending this year and leftover balances from last Christmas season are creating a vicious cycle of debt, according to one financial expert.
The average American is expected to spend $1,047 this holiday season, a 4% increase from last year and a 25% rise in the last decade, according to the National Retail Federation. At the same time, 48 million Americans are still paying off purchases from Christmas last year, according to a NerdWallet survey.
But “falling into debt is not going to help you,” Hogan said. If history is any guide, though, many shoppers probably will.
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