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State of American Pocket Books; post holiday spending binge
Topic Started: Jan 12 2016, 01:17 PM (76 Views)
Axtremus
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HOLY CARP!!!
(hat tip Quirt)

Article:

http://www.magnifymoney.com/blog/news/deeper-credit-card-debt-regrets-holiday

highlights
 
This holiday season, spending increased 7.9 percent from a year ago (according to the MasterCard Spending Pulse report). ...

... MagnifyMoney conducted a national survey, and found that:
  • American consumers spent without a plan. 50.7% of people set no holiday budget at all. A further 15.1% of people set a budget, but ignored it and spent more than planned. That means 65.8% of people had no control over their holiday spending.
  • After spending money on holiday gifts, a majority of Americans are "broke." 56.3% of people surveyed have less than $1,000 combined in their checking and savings account.
  • Credit cards will be used to fund a big portion of holiday purchases. 38.3% of the people surveyed will not be able to pay off their credit card in full this month. High interest rate credit cards were used to fund holiday debt.
  • Despite the debt, there was "no regret." Despite borrowing money at high interest rates to fund holiday purchases, 85.7% of Americans have no regrets about their holiday spending.
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