Holiday spending drives credit card debt in Texas, report finds

DALLAS (KDAF) — As the holiday season approaches, Texas residents are facing higher credit card debt than most Americans, with balances reaching $4,440 per capita last year, according to a ConsumerAffairs report.

This figure is 6.2% higher than the national average of $4,180 and represents a 5.7% increase from the previous year. Over the past five years, Texas’s credit card debt has surged by 28.0%.

The report highlights a trend of emotional spending during the holidays, with 57% of Americans willing to incur debt to make loved ones happy. Additionally, 60% plan to use credit cards for holiday shopping, while 15% expect to rely on Buy Now, Pay Later programs.

Despite the financial strain, nearly one in three shoppers have admitted to hiding holiday spending or debt from their loved ones. Furthermore, 31.2% of Americans acknowledge that holiday debt causes them stress, yet they plan to “deal with it later.”

All facts in this report were gathered by journalists employed by CW33. Artificial intelligence tools were used to reformat into a news article for our website. This report was edited and fact-checked by CW33 staff before being published.