How to manage holiday debt in 2020

This year has been a rough one for so many of us, it's been tough on our health, as well as our finances. So what's the best advice for managing holiday debt this year given 2020 isn't like any other year?

In the first two weeks of the 2020 holiday shopping season, consumers spent an estimated $21.7 billion online. That reflects a 21% increase from 2019 as people are still shy about brick and mortar, in-store shopping right now.

While spending is good for the economy, it can be risky for people to pile up debt.

If you're skittish about spending too much this year, look at it this way. If you spend $1,000 on a credit card with 16% interest, then only make minimum payments going forward, it will take you five years to pay it off. That's not all.

“And you are going to end up paying for this year’s Christmas well into next year and beyond,” added Rossman.