Credit card debt rising ahead of expected record-breaking holiday spending
Credit card debt across the country is climbing amid inflation and higher interest rates. That is about to collide with a holiday season that retailers forecast as a record-breaker.
Not only are Americans taking on more debt, the federal reserve shows more people are falling behind on their bills.
Families may have to make some tough spending decisions this holiday season.
The Federal Reserve Bank of New York said Americans' collective credit card debt has hit $1.08 trillion.
The National Retail Federation anticipates overall holiday spending hill top a record $957 billion.
There’s fear many consumers will just pile on top of existing credit card debt.
"Credit card debt is one of these things: it's easy to get into and hard to get out of," said Bankrate senior industry analyst Ted Rossman.
Experts suggest everyone make a clear budget and spending limit before starting any holiday shopping.
Beyond credit card debt the New York Fed also saw student loans, mortgage balances, and auto loans rise.
