Heading into the holidays, many Americans were already saddled with record-breaking credit card debt. And yet, consumer spending is set to reach a fresh high this season.
The National Retail Federation reported last week that spending between Nov. 1 and Dec. 31 is “clearly on track” to reach a record, between $979.5 billion and $989 billion.
“Job and wage gains, modest inflation and a heathy balance sheet have led to solid holiday spending,” the NRF’s chief economist, Jack Kleinhenz, said in a statement.
But other reports show that many shoppers are increasingly leaning on credit cards to manage their holiday purchases.
Jessica Dickler | CNBC