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US shoppers took on over $1,500 in holiday debt: report

January 6, 2023

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LendingTree’s research echoes other reports indicating that consumers lacked financial flexibility this past holiday season. While more people are take five or more months to pay off their holiday debt, 22% said they will take three months to do so, and 18% are only planning to make the minimum payments on their debt.

An Oracle Retail consumer study found that 71% of respondents were open to a store payment plan or a financing option to pay for their holiday purchases, and a quarter of respondents had never used financing options. Plus, a PYMNTS report found that nearly half of consumers paid for their Black Friday purchases using credit cards.

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