watch nowAmericans often splurge on gifts during the holidays.
This year, holiday spending from Nov. 1 through Dec. 31 is expected to increase to a record total of $979.5 billion to $989 billion, according to the National Retail Federation.
Even as credit card debt tops $1.14 trillion, holiday shoppers expect to spend, on average, $1,778, up 8% compared to last year, Deloitte's holiday retail survey found.
Meanwhile, 28% of holiday shoppers still haven't paid off the gifts they purchased for their loved ones last year, according to another holiday spending report by NerdWallet.
How shoppers pay for holiday giftsThe problem with credit cards and BNPL
Organizations:
National Retail Federation, NerdWallet