In a turnaround from last year, shoppers were not afraid to pull out the plastic this holiday season. Spending on credit cards jumped 7 percent in November and was up in the first half of December, according to First Data, a company that tracks consumer payment data.
The move back to credit is part of a strategy this year by credit card companies to get people spending on high-interest plastic, and also reflects buoyed consumer confidence. While the increased spending boosts a hurting economy, it also poses risks for shoppers.
And it's not just plastic that got a seasonal boost. Self-reported spending overall was up 4.1 percent for the period between Nov. 21 and Dec. 25 over last year, according to a recent data from Gallup.com. Americans spent an average of $78 per day over the five-week period. The data is based on weekly surveys of more than 3,000 adults in the United States. Read More
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