Millions of shoppers are saddled with holiday credit card debt — from last year.
As the holiday shopping season gears up for peak spending, WalletHub released several reports today including a consumer survey showing that “35 million Americans still have credit card debt from last holiday season” and that “nearly one-third of consumers will spend less on holiday this year than last year.”
This year, WalletHub said the top credit cards programs for holiday shopping were the Capital One Savor Cash Rewards, for its “best initial bonus” and Citi Double Cash, for its “best flat-rate cash rewards” as well as American Express’ Blue Cash Preferred for “best ongoing bonus rewards.” In the gift card report, Target, Walmart, Sephora, eBay and Ikea were ranked the best for consumers using the site’s proprietary methodology.
“That indicates people are just treading water financially and have been unable to use the past 12 months to prepare for the next recession, the arrival of which is just a matter of time,” Papadimitriou said. “The fact that nearly one-third of consumers plan on spending less this holiday season than they did last year could be either good or bad news. It depends on whether people are recognizing the need to cut back and save before it’s too late or simply beginning to falter financially.
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