The financial picture for many consumers is looking bleak for 2022. Total household debt has risen to $16.51 trillion, and that’s a 15% increase in credit card balances over last year, according to the Federal Reserve Bank of New York. Meanwhile, we aren’t saving as much. Add inflation into the mix and consumer confidence is down.
So it may come as a surprise that we aren’t exactly slowing down on our holiday spending. Consumers spent a record $9.12 billion online shopping during Black Friday, according to Adobe. So how do you find the right balance between spending on loved ones, saving money and not maxing out your credit card?
On Cincinnati Edition we examine consumer spending habits for the holiday and how to avoid going into debt.
Guests:
- Michael Neugent, assistant professor, Department of Finance, director, MS Finance Program, University of Cincinnati Lindner College of Business
- Al Riddick, founder and president, Game Time Budgeting, LLC
Listen to Cincinnati Edition live at noon M-F. Audio for this segment will be uploaded after 4 p.m. ET.
Never miss an episode by subscribing to our podcast: