Home Cryptocurrency Despite record sales, Black Friday underscores Americans’ reliance on debt and credit

Despite record sales, Black Friday underscores Americans’ reliance on debt and credit

0 comment

Quick Take

According to CNBC analyst Carl Quintanilla, a staggering $9.8 billion was spent on Black Friday, reflecting a 7.5% increment from the previous year, suggesting robust consumer behavior.

Black Friday Revenue: (Source: Bloomberg, Adobe Analytics)

However, a source of concern lies in a parallel trend: many of these purchases appear to be financed through personal debt.

Experian reports that the average American household possesses 3.84 credit cards. In addition, as per the Kobeissi Letter, the ‘Buy Now Pay Later’ segment has observed a 20% growth year over year while credit card debt has hit an unprecedented $1 trillion.

This data places a question mark on the perceived consumer strength. Are we witnessing actual financial strength, or does the escalating debt merely underline a culture of deferring payments facilitated by easy access to credit?

Total Outstanding Credit Card Balance: (Source: The Kobeissi Letter)
Total Outstanding Credit Card Balance: (Source: The Kobeissi Letter)

The post Despite record sales, Black Friday underscores Americans’ reliance on debt and credit appeared first on CryptoSlate.

index (2)

About Us

Coingeography is a principal independent digital media resource with a coverage of comprehensive news on Crypto assets, NFT, Metaverse and the surging Web 3 space. We here deliver the most authentic and precise news from the arena of the Web 3 space and crypto assets. 

Feature Posts

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Copyright ©️ All rights reserved. | CoinGeography – Powered by Corum8