Credit Card Use Spikes Due to Christmas Sales
In the week since Black Friday, researchers have been compiling interesting numbers about Americans’ spending habits. Spending on Black Friday and Cyber Monday was up from last year, but how Americans paid for their purchases has some financial experts concerned. According to First Data, more people used credit cards for their holiday shopping this year compared to last year. I saw more people using credit cards than I usually do,” said Old Hickory Mall employee Joel Scott. Reports show credit card payments rose to 7.4 percent from 3.4 percent last year. “I decided to put everything on one credit card, that gives me some really good rewards. Then I can keep up exactly with my spending for my Christmas budget. I plan on paying it off immediately,” said holiday shopper Hollie Holt. Reward points can mean big savings, but financial experts state swiping good deals on high interest credit cards is not worth it in the end. “I think people should cut back credit cards. It is going to come back and get you next year, and you’re going to want that money,” said Black Friday shopper Alexis Price.
