NEW YORK—U.S. consumers racked up an average of $1,054 of debt over the recent holiday period, about 5% more than last year, according a new report.
The findings are similar to another survey on holiday debt, which CUToday.info reported here.
As Americans record credit card debt, a good sign from the MagnifyMoney's (http://www.magnifyoney.com) annual post-holiday debt survey is that nearly half, or 46%, of Americans said they plan to pay off their credit cards within a month after the holidays.
In a previous CUToday.info report, WalletHub shared that consumers last year paid down debt in Q1, only to rack up even more debt in Q2.
The MagnifyMoney study also shows that 16% of holiday spenders will need one to three months, to pay down the new debt.
The study shows that 25% of consumers said it will take more than six months to pay off their holiday spending.
MagnifyMoney polled more than 1,000 U.S. adults in November.