Shoppers return to credit to pay for holidays

Credit card purchases jumped more than 7 percent in November and surged again in early December, according to First Data, which tracks consumer payments. A survey by Consumer Reports found that shoppers planned to charge an average of $756 this holiday, up 6 percent from the previous year, though the number of people who plan to use credit has remained steady.

“If past behavior is any predictor, the closer you get to Dec. 25 the more likely you’re running into that store and buying whatever you can,” said Ed Ferrell, director of Consumer Reports’ national research center. “Plastic really starts flying more.” Read More