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Consumers expected to spend $1 trillion this holiday season

Once Costco’s Black Friday deals were “leaked” online, several other retailers leaked theirs....
Once Costco’s Black Friday deals were “leaked” online, several other retailers leaked theirs. (Source: Pixabay)(Source: Pixabay)
Updated: Nov. 13, 2018 at 10:01 AM CST
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MEMPHIS, TN (WMC) - With consumers expected to spend as much as $1.1 trillion this holiday season, despite near-record credit card debt levels, the personal-finance website WalletHub today released its Holiday Shopping Survey to help holiday shoppers save money and avoid a financial hangover in the new year.

Among the findings, 6 in 10 survey respondents said they are better off financially now than they were last year. In 2017, 5 in 10 people said they were better off than the previous year.

Here are the spending plans of Americans this year:

15% plan to spend more than $1,001

20% plan to spend $501-$1,000

33% plan to spend $251-$500

13% plan to spend $101-$250

19% plan to spend $100 or less

And when it comes to paying off holiday debt, 60% say they will pay in full by their credit due date; 18% will pay in full by New Year’s Day; and 22% will still have a holiday balance after January.

To read the full survey, and see the most-frequently planned holiday gifts, click here: https://wallethub.com/credit-cards#survey

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