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Holiday spending and consumer debt

For many residents in Tennessee, the holiday season can be a bit of a mixed bag, emotionally speaking. On one hand, people love to have extra time to spend with family members that they might not get to see often or to attend fun holiday celebrations. On the other hand, there can be quite a cost to the holiday season and that cost extends beyond even the gift buying that American consumers seem unable to avoid to things like hosting parties or travelling to visit family. For people already struggling to make ends meet, this can put a big strain on their financial situation.

As explained by The Motley Fool, nearly half of all U.S. consumers will find themselves in holiday-related debt by early January. Nearly 80 percent of those people will have racked up debt buying presents. Almost one-third will have gone in the hole to fund holiday travel and another one in five will have incurred new debt in order to host holiday events and celebrations.

According to Bloomberg, the relatively healthy and booming domestic economy seems to have led consumers to feel secure enough to spend, spend, spend this holiday season. Retail giant Amazon has indicated that 2018's Cyber Monday was the biggest shopping day ever for the company in its history.

Mastercard SpendingPulse noted that online shopping spending in the 2018 holiday season exceeded that of the prior year by as much as 19 percent. Total shopping sales according to Mastercard rose by more than five percent over 2017 levels.

 

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

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