Holiday shopping debt

The biggest shopping holiday is among us and with all the spending comes some unwanted debt.
Magnify Money found that the average American consumer kicked off 2017 with about one thousand dollars’ worth of new debt following the 2016 holiday season. Roughly one-third of retail sales take place during the holidays according to the National Retail Federation and this year, November retail sales are up six percent over last year.
Among all age groups, Millennials age 24-35 were most likely to say they went into debt due to holiday shopping.
News 25 spoke to a Gulfport millennial who tells us what steps she’s taking to stay debt free this holiday season. Shopper Nenyatta Smith said, “I mean, I’m making sure that I’m paying attention to my bank account for one. I know what I can spend and what I can’t spend and I make sure that all my bills are paid for as well. You just got to set yourself a goal and when you set yourself a goal don’t go past it.”
According to experts, an all cash spending diet during the holidays is one of the best ways to keep holiday spending under control. Consumers should also check their credit scores and try to improve them by paying bills on time and considering refinancing debt.