More Than Half of Shoppers Are Going Into Debt This Holiday Season

More Than Half of Shoppers Are Going Into Debt This Holiday Season

As shoppers spread out their holiday purchases amid ongoing concerns about Covid, more consumers are tapping so-called buy now, pay later services. As many as 56% of shoppers have made a purchase with “buy now, pay later” services they couldn’t pay off, according to one recent survey. CNBC reports:

Americans are spending a little less this holiday season — but still more than they can afford.

Total spending on Black Friday, both in stores and online, fell slightly from a year ago — the first decline on record — in part because holiday shoppers started their shopping earlier in face of supply chain setbacks and shipping delays.

All in, consumers plan to spend $997.73 on average for themselves and their families this year, according to the National Retail Federation’s annual survey, down from the pre-pandemic high of $1,047.83 hit in 2019.

And for the first time, about 45%, of shoppers plan to use “buy now, pay later,” or BNPL, services for their holiday shopping to spread out their expenses, according to a recent report by Cardify, which polled more than 2,000 adults.

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