Going into the 2021 holiday season, an estimated 29% of shoppers that used credit cards for purchases are still struggling to pay off holiday debt from last year.
Following a record amount of credit card debt payment from Americans in 2020, card balances have already risen again by around $17 billion in 2021. With holiday spending expected to reach a maximum height this year due to product shortages, it will be especially difficult for shoppers to keep up with holiday debt.