Holiday Debt Hanging On: 1 in 4 Still Owe from Last Year as High Rates Make Payoff Tough
• A quarter of Americans still have holiday debt from 2022 spending
• Credit card balances rose to $1.08 trillion in Q3 2022
• High interest rates mean it could take over 3 years to pay off a $1000 balance
• Average credit card interest rates are nearing 21%
• 130.7 million Americans are expected to shop on Black Friday this year, spending an average of $875 each