Survey Reveals Impact of Holiday Shopping on Finances, with Many Americans Facing Increased Financial Stress and Debt
AUSTIN, Texas, Dec. 23, 2024 /PRNewswire-PRWeb/ -- As the 2024 Black Friday and Cyber Monday shopping season concludes, new findings from CreditCards.com show that more than half of American shoppers went beyond their intended budgets, with a notable portion turning to credit cards and even new debt to fund their purchases.
A survey of 1,000 U.S. adults who participated in Black Friday and/or Cyber Monday revealed that 66% of shoppers bought more than they usually would, often citing "doom spending"—the fear of rising prices in the future—as a key driver. Nearly a quarter (24%) of shoppers took on new or additional debt, with 10% incurring new debt and 14% worsening existing debt.
"With a presidential transition about to take place and a war raging in the Middle East, it wouldn't be surprising if doom spending lingers for a while," says John Egan, credit cards, insurance, and personal finance expert contributor at CreditCards.com.
Maxed-Out Credit Cards and New Debt
Among those who went into debt by using credit cards, 55% report maxing out their cards. Many consumers also opened new credit cards to finance their holiday shopping. Alarmingly, 45% of those who took on holiday debt are considering filing for bankruptcy due to overwhelming financial strain.
Financial Stress Worsens
A notable 31% of respondents reported that holiday spending worsened their financial stress, with 37% overspending beyond their planned budget. Despite the overwhelming debt for many, only 15% of respondents completed all their holiday shopping during the sales.
Survey Methodology
This survey was conducted online by Pollfish on December 4, 2024, with 1,000 U.S. residents aged 18 and older who participated in Black Friday and/or Cyber Monday sales. Access the full report here: .
Media Contact
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SOURCE CreditCards.com
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