HOUSTON — New data shows Americans are spending in record numbers while another report finds that they’re feeling uneasy about the economy.
Black Friday sales numbers are in and Adobe Analytics reports that sales reached a record $9.12 Billion.
The National Retail Federation says the big spending isn’t over yet.
“62% said that spending around the holiday is critical for them, “said Katherine Cullen with the NRF. “It is a priority so that they can make these celebrations meaningful for themselves or their families."
But new data shows that U.S. consumer confidence fell in November to a 4-month low indicating that Americans are feeling gloomy about the economy.
Financial experts warn that if you don’t reign in your finances, you’ll end up with too much holiday debt.
“It's so easy to go overboard at the end of the year," said Latina Money Expert Jannese Torres. Torres has some tips!
- Create a sinking fund and stick to that amount earmarked for holiday spending.
- Make a shopping list and decide who will get gifts from you this year.
- Use cash-saving apps that allow you to make money while spending money.
"These are apps that you can download that basically will give you points or cash back whenever you make a purchase online," Torres said.
Experian data shows that the average credit card balance is just over $6,000. If you're paying with plastic for the holidays, try to pay the balance off at the end of every month.