WalletHub: Many Consumers Overspent This Past Holiday Season

Roughly 93 million Americans overspent on their holiday purchases according to WalletHub’s post-holiday shopping survey. As the credit card bills begin to roll in over the next few weeks, WalletHub said 46 million consumers regret at least one of their holiday purchases. WalletHub reports 37% of people admitted overspending this past holiday season.

“Buyer’s remorse is especially common when a purchase is made on impulse,” said Paul Rose, interim dean of the School of Education, Health and Human Behavior at Southern Illinois University. “Many people procrastinate when purchasing gifts, and run out of time in December to carefully consider their purchasing options.”

The survey found 30% of respondents said spending makes the holidays happier. But only 20% said the holidays are worth racking up credit card debt. Early estimates from the National Retail Federation and Mastercard indicate robust holiday sales rising more than 5.4%. That prediction exceeds the 4% forecast by analysts.    MORE

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