(CONSERVATIVE DAILY NEWS) – Many U.S. consumers racked up debt this holiday season, and most of them won’t be able to pay it off immediately, according to a report published Wednesday.
Around 36% of consumers went into debt, spending on presents, plane tickets and decorations, owing an average of $1,249, up from 31% in 2020, according to a report by LendingTree. Despite the percentage of holiday borrowers increasing in 2021, the average amount of spending dropped by 10% from 2020.
“There’s a real divide in how Americans are feeling financially right now,” Matt Schulz, chief credit analyst at LendingTree, said in the report.
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