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Credit card debt could grow over holiday shopping season

On Behalf of | Nov 28, 2018 | Credit Card Debt, Firm News

Florida residents are no strangers to the lingering effects of the Great Recession and a decade of economic uncertainty. As a result, many people reigned in their spending habits. Now, experts believe that many consumers are suffering from frugality fatigue. With frugality fatigue hitting around the same time as the holiday shopping season, some individuals could end up accumulating more credit card debt than they otherwise anticipated.

So what is frugality fatigue? Restraining their spending habits was easier several years back, and after surviving years of listening to pessimistic economic outlooks, consumers are less psychologically capable of holding back. For other adult consumers, the current economy may be the only one they are truly familiar with, and as such they are more comfortable shelling out money for the holiday shopping experience.

Spending during the 2018 holiday season is expected to surge past $1 trillion. This record spending prediction is largely attributed to widespread frugality fatigue. Lower overall unemployment rates, increased consumer confidence in the economy and a longer shopping season thanks to an early Thanksgiving also factor into the current spending expectations.

While holiday spending might be ready to reach a record high, many people deal with credit card debt all year round. Dealing with harassing creditors and an onslaught of overdue bill reminders can complicate an already stressful time of year, so some Florida residents might want to consider possible options for debt relief. In many cases, bankruptcy can help consumers discharge their debts and construct a more secure foundation for their future finances.

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