Fast facts on holiday spending
By Lucy
Lazarony • Bankrate.com
Consumers are expected to spend an average of
$1,684 this holiday season, according to the 2000 American Express
Retail Index on holiday shopping.
That includes spending $1,161 for gifts; $197
for entertainment; $154 on travel; $88 on decorations; and $84 on
other holiday-related expenses.
Typical payoff time for holiday debt is four
months. In 1999, of the people who shopped with credit cards, two-thirds
underestimated the pay-off time for holiday debt, according to the
American Bankers Association.
A $1,200 holiday tab charged on your credit
card at 17 percent will take almost 20 years to pay off and cost
$2,076 in interest, if you only make the required minimum payments.
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