The most recent statistics from the SpendTrend report from First Data Corp. indicate that consumer credit card use rose 7 percent on a year-over-year basis in November and the first half of December, according to a report from the Huffington Post. In addition, Gallup found that self-reported spending was up 4.1 percent between November 21 and December 25, also on a year-over-year basis. Americans spent an average of $78 per day over those five weeks.
Overall, spending was so strong that the National Retail Federation revised its holiday projections upwards, to a 3.8 percent gain compared with November and December last year, the report said.
Consumers who are borrowing more on their credit cards should also keep an eye on their credit reports to make sure there are no problematic marks listed within the documents. These may unfairly lower their credit ratings and have an adverse effect on their finances.