Holiday spending in the U.S. is set to reach record levels despite record-breaking credit card debt. The National Retail Federation estimates spending during the holiday season will total over $900 billion, driven by wage gains, modest inflation, and consumer confidence. LendingTree reports that over a third of shoppers incurred an average of more than $1,100 in holiday debt, up from last year. With average credit card interest rates exceeding 20, paying off debt could stretch well into 2025, impacting financial goals and necessities.