Talking Points

You may want to think twice before putting Christmas on a credit card this year.

A WalletHub study found 35 million Americans still have credit card debt from last year’s holiday season.

The personal finance website found consumers will spend as much as $1.1 trillion over the holidays.

Nearly 1/3rd of shoppers plan to spend less than they did last year.

That can be good and bad, WalletHub CEO Odysseas Papadimitriou said.

“It depends on whether people are recognizing the need to cut back and save before it’s too late or simply beginning to falter financially.”

What about credit cards specifically offered for the holidays?

“Many people are rightfully hesitant to apply for new credit cards too often, but you definitely don’t want to let valuable savings opportunities pass you by, either.

“Credit card rewards bonuses are near record highs right now, and the winter holiday season may be the only time each year that you spend up to $3,000 within a 3-month period, which is required to earn many of the best bonuses,” said Papadimitriou.

“In other words, if you’re going to spend a lot of money, anyway, an upgrade in rewards cards could save you hundreds of dollars. Just make sure to use the new account responsibly and not as an excuse to rack up debt.”

The most in-demand gifts this year?

32% of respondents said they want gift cards from Santa. 30% said electronics, 15% clothes and 8% said books or e-books.

Find the full study at https://wallethub.com/credit-cards#survey .