Billions of dollars changed hands during the black Friday and cyber Monday shopping rush. It’s interesting to note, according to the holiday season report from LendingClub (msn.com) that “37% of Americans plan to use financing such as personal loans, credit cards and BNPL (buy now, pay later) this holiday season.”
Should interest rates continue to trend upward (as they have this year), consumers who are not able to pay for purchases in full will likely find themselves carrying higher than expected holiday debt for much longer than they anticipated.
It’s easy to be swept up in the rush for the next best thing everyone “needs”. While I’m all for investing in the economy, I want my clients to begin the New Year both satisfied with their purchases and intentional with their choice of financing. The goal is to have your holiday purchases not hinder your plans/goals for 2023.