Americans are drowning in debt as a result of the holiday spending boom

Americans are drowning in debt as a result of the holiday spending boom. This season, consumers broke records by spending almost $1 trillion, but their credit cards are screaming for assistance. In just three months, debt increased by $24 billion to reach an all-time high of $1.17 trillion. The holiday pleasure may not last long, as 36% of consumers take on debt, with the typical borrower accruing $1,181. While retailers rejoice, many Americans may have to pay for the "happy holidays" for the rest of the year. From NYP