Black Friday Statistics on Debt 2024: How Spending Habits Impact Consumer Debt

<h2>Editorâs Choice: Key Insights on Consumer Debt During Black Friday</h2>
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<li><strong>Consumer debt related to Black Friday reached $20 billion</strong> in 2023, marking a <strong>15% increase</strong> from 2022.</li>
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<li>Over <strong>40% of </strong><a href="http://coinlaw.io/black-friday-statistics/">Black Friday shoppers</a> in 2023 relied on <strong>credit cards</strong> to finance their purchases, reflecting the heavy dependence on borrowing.</li>
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<li>The average debt accumulated by a Black Friday shopper was <strong>$500 in 2023</strong>, with many unable to pay off the balance until mid-2024.</li>
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<li><strong>Buy Now, Pay Later (BNPL)</strong> services contributed to a staggering <strong>$10 billion in Black Friday sales</strong>, highlighting their growing influence.</li>
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<li>Among debtors, <strong>60% reported financial stress</strong> post-Black Friday, emphasizing the psychological toll of holiday overspending.</li>
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<li><strong>18 million Americans</strong> reported using high-interest payday loans to cover Black Friday spending in 2023.</li>
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<li><strong>Black Friday-related bankruptcies</strong> saw a <strong>7% increase</strong> year-over-year, with analysts linking the trend to escalating borrowing costs.</li>
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