For some people, opening up a credit card statement is like a visit from the Ghost of Christmas Past.
Holiday shoppers are expected to spend generously this year, with the National Retail Federation estimating the average consumer’s outlay at $1,007 for everything from gifts to food to holiday attire — a 4.1 percent increase from last year. Another analysis, from NerdWallet, anticipates an 18 percent jump on gift spending alone, to an average total $776.
But that doesn’t give the true picture of the cost: 28 percent of shoppers are entering this holiday season still paying off debt from last year’s festivities, according to NerdWallet.
Experts say that if you’re among those still lugging around debt from last year, now is a good time to pause and strategize, before Black Friday week sets off a long stretch of frenzied spending.