Average credit card balances are now 6.9% higher than last year and more than 20% higher than 2 years ago.

83% of Americans are expected to purchase gifts during the holiday season this year, spending $925 on average.

That’s more than 217 million Americans spending over $201 billion, compared to $184 billion in 2023.

Also, 49% of Americans plan to spend money on flights and hotels for the holiday season, spending $2,330 on average.

That’s more than 128 million Americans spending nearly $300 billion on these travel costs.

Credit card debt is set to skyrocket again.