Meanwhile, Debt.com’s annual shopping survey highlights the increasing reliance on credit to fund holiday expenses. Two-thirds of respondents expect to borrow, with nearly one in four planning to take on at least $900 in debt.
“Americans are feeling squeezed this holiday season, and it’s not just inflation,” Howard Dvorkin, chairman of Debt.com, said separately.
In its poll of 1,000 Americans, Debt.com found 88 percent will use credit cards to support their holiday shopping, while 69 percent plan to combine them with Buy Now, Pay Later services.
The survey also pointed to the influence of AI on people's spending patterns. While 29 percent of respondents said they would hold the line and resist spedning more on purchases recommended by AI, two-thirds (65 percent) said they would dial up their purchases on AI-recommended gifts, while another 26 percent admitted they'd finance AI-recommended purchases.
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