[Craig]

THE STOCKINGS WERE HUNG, THE PRESENTS UNDER THE TREE AND GIFT-GIVING SEASON CAME AND WENT. NOW COME THE CREDIT CARD BALANCES, BILLS AND PAYMENT REQUIREMENTS.
ACCORDING TO LENDING TREE, MORE THAN ONE-THIRD OF AMERICANS TOOK ON ADDITIONAL DEBT THIS HOLIDAY SEASON. A NEW SURVEY SHOWS 36% OF CONSUMERS CHOSE TO **PUT IT ON PLASTIC** WHEN IT CAME TO MAKING PURCHASES. THEY RACKED UP AN AVERAGE OF $1181 IN CREDIT CARD DEBT THIS YEAR, UP FROM $1028 LAST YEAR, that’s a 14% increase. NOT SURPRISINGLY, THE CHIEF CREDIT ANALYST AT LENDING TREE SAYS INFLATION WAS A KEY ISSUE WHEN IT COMES TO THE YEAR-TO-YEAR JUMP.
48% OF PARENTS OF YOUNG CHILDREN SAID THEY WERE FORCED TO TAKE ON DEBT THIS HOLIDAY SEASON. 42% OF YOUNG PEOPLE OR MILLENNIALS, BETWEEN AGES OF 28 TO 43, ALSO CHARGED-IT. AND PAYING IT OFF WON’T COME CHEAP. LENDING TREE FOUND THAT MANY CREDIT CARDS AND STORE CARDS ARE CHARGING INTEREST RATES OF 20% OR HIGHER.
COINCIDENTALLY, HERE COME THE NEW YEAR’S RESOLUTIONS. A BANKRATE SURVEY, OF ABOUT 2500 ADULTS, FOUND THAT AMERICANS NUMBER ONE FINANCIAL RESOLUTION AND MAIN GOAL FOR 2025 IS TO PAY DOWN DEBT. 89% SAID THAT’S A TOP PRIORITY OVER OTHER FINANCIAL OBJECTIVES SUCH AS GETTING A BETTER PAYING JOB, SAVING FOR RETIREMENT OR BUYING A NEW HOME.
CREDIT CARD DEBT IN AMERICA RECENTLY SURPASSED THE ONE-TRILLION DOLLAR MARK. THE AVERAGE BORROWER HAS BALANCES TOTALING ABOUT $6400, AND NOW YOU CAN ADD ANOTHER 11-HUNDRED-DOLLARS WORTH OF HOLIDAY BILLS.
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