Financial indigestion from holiday debt burning American wallets

Financial indigestion from the last year’s holiday season is a really big issue.

Roughly 48 million Americans are still paying off credit card debt from 2018, according to Nerdwallet.

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The problem, according to business analyst and CPA Dan Geltrude, is that people get involved with emotional spending. However, having a plan for the holiday season can help keep debt at bay, he said.

“Stay away from credit cards,” he said on FOX Business' "Mornings with Maria." “If you don't have that discipline, use cash or use a debit card so you don't end up spending money that you don't have.”

Even so, 61 percent of people with credit card debt say they are willing to add to their deficit during this holiday season, according to CreditCard.com.

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However, there are some positive factors helping lighten the debt load. Household sector balance sheets are a lot stronger because of home price appreciation and personal savings rates are higher, in part, because of an aging population.

The National Retail Federation expected sales to increase between 3.8 percent and 4.2 percent over 2018.

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