Key Takeaways
Nearly 9 in 10 Americans planned to partake in holiday shopping in 2023. Sixty percent of consumers were living paycheck to paycheck in 2023. Many used debt or savings to cover holiday expenses. Recovery steps include assessing the damage, making a repayment plan and maximizing your discretionary income. Prevention steps include planning ahead, budgeting early and seeking professional advice.
Are you experiencing the dreaded holiday spending hangover?
While 2023 was financially challenging for many Americans, nearly nine in 10 still planned to shop for the holidays, according to a November 2023 Gallup poll.
If you're feeling the post-holiday pinch in your wallet, here's a closer look at the recent holiday spending trends – and six ways to recover from overspending.
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While it's not uncommon for Americans to overspend during the holidays, many were in a tough financial place in 2023.
"This year, part of the reason was inflation, with rising prices remaining a challenge for household budgets," the co-CEO and co-founder of Achieve, Andrew Housser, said in an email.
Further, 60% of consumers went into the season living paycheck to paycheck, according to a November 2023 PYMNTS survey. Without discretionary income to cover the holiday magic,........