25% of Americans still have holiday debt from last year: ‘If you’re in a hole, stop digging,’ says money expert. | CNBC make it

25% of Americans still have holiday debt from last year: ‘If you’re in a hole, stop digging,’ says money expert. | CNBC make it

25% of Americans still have holiday debt from last year: ‘If you’re in a hole, stop digging,’ says money expert. | CNBC make it

As the holiday season approaches, many Americans are still grappling with debt from the previous year, with approximately 25% of individuals still paying off holiday expenses from 2022, as reported by WalletHub. The consequences of accumulating more debt during this festive period are exacerbated by the surge in average credit card interest rates, which have climbed from around 16% to almost 21% since the Federal Reserve’s interest rate hikes began in March 2020. Ted Rossman, a senior industry analyst at Bankrate, warns that the higher interest rates could prolong and increase the cost of paying down credit card debt.

Consumers are advised to take proactive measures to avoid exacerbating their financial strain. Matt Schulz, chief credit analyst at LendingTree, suggests creating a detailed shopping list and researching prices in advance to prevent overspending. Additionally, leveraging credit card rewards accumulated throughout the year can effectively offset holiday expenses, provided users avoid accumulating more debt. Open communication with family and friends about budget constraints is also encouraged, fostering understanding and potentially leading to mutually agreed-upon gift-giving strategies that alleviate financial pressure………….full-loaf-600x400-1-e1700879832480 25% of Americans still have holiday debt from last year: ‘If you’re in a hole, stop digging,’ says money expert. | CNBC make it[read more]

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Rising-Dough-e1700879911412 25% of Americans still have holiday debt from last year: ‘If you’re in a hole, stop digging,’ says money expert. | CNBC make itHow can businesses and marketers adapt their strategies during the holiday season to cater to consumers who may be facing financial constraints due to existing debts and higher interest rates? Consider the economic implications for investors and shareholders in industries heavily reliant on holiday spending. How might these financial challenges impact consumer behavior and, consequently, the overall economy during the festive season?

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stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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