WEST PALM BEACH, Fla. — As the gift-giving season comes to a close, the season to pay for those gifts is about to begin for many.
According to a SpendingPulse report from Mastercard, holiday spending was up almost 4% from last year.
Also, a recent study from WalletHub said almost half of Americans are still carrying debt from last year's holiday shopping season.
"It's one of those things they don't pay attention to until the bill comes," Chip Lupo of WalletHub told WPTV. "Let's face it, everyone overspends to some degree and a lot of it is because of impulse buying. That's the big culprit."
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Paying off credit card debt is something many money experts say consumers should be focused on in 2025.
"The place to start would be by doing an audit," Elizabeth Ayoola at NerdWallet said. "This can be nerve-wracking for some people. It can bring up feelings of shame as well, if you have overspent, but it's important to remember to get a handle on it than let it spiral out of control."
She said getting your spending under control means paying more than the minimum amount, taking advantage of balance transfers to zero rate cards and sticking to a budget.
"The misconception people have is well, with the Fed cutting rates, credit card rates and interest rates are also going to tumble and that is not the case," Ayoola said.
Ayoola said another positive change you can take in 2025 is to commit to taking some of your paycheck and putting it away in a savings account.
