Not only did Black Friday (and Cyber Monday) see a spike in sales (both at the stores and online) but credit card usage went up as well.
On Black Friday, purchases made by credit card were up 7.4% from the previous year.
It's a good thing that people are spending money and helping the economy, but not so good that they're doing it with credit.
Though even more surprising is an estimate made by Javelin Strategy & Research that forecasts credit card payments for online purchases will go up 63% by 2016 with just a 2% increase for debit cards.
Some credit cards do have good incentives, like low APRs, reward points, cash back, etc, but let's just hope people don't run into credit debt.
Aside from shopping, even spending on travel and restaurants rose from last year, also with credit card use.
drink shop responsibly!
[Image via WENN.]
Tags: black friday, credit cards, cyber monday, increase, money, sales, shopping, stores, travel