Record holiday spending for millennials on credit cards

Record holiday spending hits $989 billion; credit card debt rises to $1.17 trillion as shoppers struggle amid high debt levels.

Published

1 year ago

December 30, 2024

ticker NEWS

Record holiday spending hits $989 billion; credit card debt rises to $1.17 trillion as shoppers struggle amid high debt levels.

Americans have achieved record holiday spending this season, reaching approximately $989 billion according to the National Retail Federation.

Despite high credit card debt levels, which have hit an all-time high, consumers have shown strong purchasing behaviour.

The growth in spending has been attributed to job gains, wage increases, and modest inflation.

Significantly, holiday shopping began robustly in November, driven by popular events like Black Friday.

Data from Mastercard revealed that over 10% of seasonal shopping occurred in the final five days before Christmas Eve.

Spending change

Sales during the period from November 1 to December 24 rose by 3.8% compared to last year.

Increased spending was evident across various sectors, including restaurants, apparel, jewelry, and electronics.

A substantial portion of shopping occurred online, leading many consumers to rely on credit cards, which has exacerbated debt levels.

Approximately 36% of shoppers incurred debt to finance holiday purchases, with the average debt rising to $1,181 this year, up from $1,028 in 2023.

Prior to the holiday season, American credit card debt already reached $1.17 trillion, an increase of $24 billion from the previous quarter.

Millennials, in particular, are increasingly using credit cards as they navigate financial pressures amid a cost-of-living crisis.

U.S. and China approve TikTok sale to American investors

US and China approve TikTok’s sale to Oracle and Silver Lake amid regulatory scrutiny, with ByteDance retaining 20%.

Published

20 hours ago

January 23, 2026

Harvey Vargas

US and China approve TikTok’s sale to Oracle and Silver Lake amid regulatory scrutiny, with ByteDance retaining 20%.

The United States and China have officially approved a deal for TikTok’s US operations to be sold to American investors, led by Oracle and Silver Lake.

This marks a major shift in the social media landscape as the platform navigates increasing regulatory scrutiny.

Under the new agreement, ByteDance will retain just under 20% of TikTok US, while Oracle and Silver Lake will each take 15% stakes. Other investors will also participate, forming a structure designed to satisfy both commercial and regulatory demands.

The new US-based entity will have a majority American board tasked with overseeing data protection and content moderation. Despite these safeguards, concerns remain about ByteDance’s influence and whether the deal fully complies with recent legislation.

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#TikTokSale #USChinaDeal #Oracle #SilverLake #ByteDance #TechNews #SocialMedia #DataProtection

Money

Markets tumble as Trump tariffs, Greenland rhetoric and Europe backlash collide

U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.

Published

3 days ago

January 21, 2026

Harvey Vargas

U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.

U.S. equities took a sharp hit as markets reacted to renewed tariff threats and heightened political rhetoric from President Donald Trump. The Dow plunged more than 800 points, with the S&P 500 and Nasdaq also sliding as investor nerves rattled risk assets.

The sell-off highlights growing concern around global trade tensions and geopolitical uncertainty, with markets struggling to price in what comes next for U.S. economic leadership and policy direction.

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#USMarkets #WallStreet #TrumpTariffs #GlobalMarkets #USDebt #Europe #Davos #Ticker

Money

Gold hits record highs as investors flee risk

Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.

Published

4 days ago

January 20, 2026

Harvey Vargas

Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.

Gold is shining brighter than ever as investors flock to safe-haven assets amid global uncertainty. U.S. gold futures for February delivery jumped 1.71% to $4,674.20 per ounce, while spot gold rose 1.6% to $4,668.14.

The surge comes as geopolitical tensions continue to worry traders, prompting a rush into metals perceived as stable and secure. Analysts say gold is proving its status as the ultimate hedge during turbulent times.

Investors are closely watching markets as gold sets new benchmarks, signalling growing caution across the financial landscape.

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#GoldRally #SafeHaven #InvestingTips #FinancialMarkets #GoldPrices #GlobalEconomy #MarketUpdate #TickerNews