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Credit Card Debt Skyrocketing.
Consumer Reports says that Consumer Credit Card is growing rapidly.
In the broad field of averages, consumers in the United States predicted they would be spending between roughly $1,000 and $2,000 on gifts during the December holidays in 2006. Taking into account that the "average" household is already saddled with $9,000 in credit card debt alone, additional charges are seen to present a long-term problem.
The majority --or 77 percent-- planned to use cash, 48 percent of shoppers told Consumer Reports they would use credit cards, 46 percent planned to use debit cards. And those paying with plastic will see the bills --and interest-- pile up. Among those using credit cards to pay for holiday gifts, the average bill will be $626, though 17 percent of shoppers plan on racking up $1,000 or more in holiday charges.
Many say they'll retire holiday credit card debt by the end of January (59 percent,) but 23 percent won't pay off those bills until March or later," which adds $14.6 billion in interest-accruing debt for primarily Christmas gift spending.
Over one-quarter of Americans (26 percent) use credit cards most often when holiday shopping, contributing to the $63.6 billion charged on credit cards throughout the shopping season," according to the statement by Consumer Reports.
"Credit cards can be hazardous to your holiday spending," says Tom Marks of Consumer Reports. "Cash forces you to be much more disciplined, purchasing only what you can afford."
Consumer Reports' poll shoppers planned to buy about 15 gifts, women on average planned to buy 19 gifts and men only 13.
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