Now comes the post-holiday blues for many when they open their mail.
That’s because millions of Americans dug themselves deeper into credit card debt over the holidays. Many now “regret” at least one holiday purchase.
Those are some of the conclusions of WalletHub’s new survey.
This is the unhappy recap:
About 37 percent of respondents said they overspent, and 34 percent said they plan to return a present they received, the survey found.
The study reported that despite their big-spending ways, 21 percent think that 2019 will be a worse year for their finances, and “8 percent of people want a credit card that provides extra time for returns.” And 18 percent regret holiday purchases, the study said.
Still, many respondents with big card balances think a strong economy will make up for poor spending practices.
“They are expecting that low jobless rates will continue and that the economy will remain strong,” said Jill Gonzalez, the author of the WalletHub study.
A financial professional says card overspending among the youth is common.