James R. Schenck is President and CEO of PenFed Credit Union and CEO of the PenFed Foundation.
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Americans kicked off this holiday season with record-breaking spending during the five-day Black Friday and Cyber Monday shopping weekend, and that spending spree is all but guaranteed to continue in December. However, a recent survey by U.S. News & World Report found that almost half of shoppers expect to go into debt paying for gifts and travel this season as inflation continues to saddle American families.
In a period of economic uncertainty defined by inflation and a high interest rate environment, a costly spending season can leave Americans with debt that sticks around long after the holidays have passed. But with careful p…
Read the full article at: https://www.forbes.com/sites/forbesfinancecouncil/2023/01/02/how-to-avoid-and-recover-from-the-holiday-debt-trap/