Holiday debt hangover poised to be ‘particularly nasty’ this year, analyst says

Published

2 years ago

December 26, 2023

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While retail sales are strong, typically an indication of a healthy consumer, an industry economist is deeply concerned about how consumers will pay it all off when the bill comes.

Bankrate senior industry analyst Ted Rossman’s concerns were heightened, in particular, after noticing an uptick in usage for buy now, pay later (BNPL) services as consumers battle growing debt obligations.

These payment services were up 40% year over year on Black Friday and Cyber Monday, according to data from Adobe.

This uptick suggests that “a lot of people are close to the edge,” and it’s one reason why Rossman believes the “holiday debt hangover could be particularly nasty this year.”

“I think the substantial surge in BNPL usage (on top of already explosive growth in recent years) shows how many people are looking for quick, affordable financing,” he said.

These services like Klarna or Afterpay are advertised as interest-free loans that can be paid in weekly or monthly installments.

And while it can help ease cash-flow issues, financial experts say there are hidden risks when shoppers rely on the services too much.

“While one could use these plans to their advantage, I do worry theyre too easy sometimes, and there isnt enough visibility on credit reports, and sometimes people can trick themselves into spending too much,” Rossman said.

For example, four $50 payments don’t sound like a lot, but Rossman said it “conceals the fact that its really $200, and you may already have multiple similar plans running with different providers.”

Consumers can hit late fees if they don’t have the funds to cover the installments, pushing them deeper into a hole.

Credit cards can be a great tool when they are paid in full and consumers maximize rewards. However, only about 53% of cardholders do so.

For the 47% who carry a balance month to month, credit card debt can be a big problem.

What’s worse, balances and rates “have never been higher,” he said.

Several years of high inflation and high interest rates have “eroded a lot of households savings and buying power.” If families are stacking more debt on top of that during the holiday season, it “poses trouble at least at the household level,” he noted.

Rossman noted that any excess savings from the pandemic are pretty much gone at this point, “so I worry the rising debt trend could catch up to people, especially if the job market takes a turn for the worse.”

Sports

Source: Texas Tech to again start QB Hammond

Published

14 mins ago

October 23, 2025

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Source: Texas Tech to again start QB Hammond

Texas Tech redshirt freshman Will Hammond will start at quarterback against Oklahoma State on Saturday, a source told ESPN, marking his second straight start for the No. 14 Red Raiders.

Starting quarterback Behren Morton is recovering from a leg injury and will be available for the game, the source added, as he continues to improve. The Red Raiders have a bye after this week’s matchup with the Cowboys that will afford Morton more time to get healthy, with growing optimism he’ll return after the bye.

Hammond started last week’s 26-22 loss to Arizona State, finishing 22-for-37 for 167 yards and two touchdowns, along with 47 yards rushing and a rushing score for the Red Raiders.

Texas Tech’s offense struggled for three quarters against ASU, but Hammond led two late scoring drives that he capped with a 1-yard touchdown run and a 12-yard touchdown pass.

He also ran in a two-point conversion to give Texas Tech a late lead, only to have the comeback foiled by a late ASU touchdown drive led by quarterback Sam Leavitt in the final minute of play.

Morton has put together a dominant season for the Red Raiders. Prior to the injury, he completed 68.4 percent of his passes, throwing for 1,501 yards and 13 touchdowns.

Morton’s improved health will be crucial for Texas Tech’s finishing stretch. They play at Kansas State on Nov. 1 and host No. 11 BYU on Nov. 8.

Oklahoma State has lost six consecutive games, including a 49-17 loss to Cincinnati on Saturday night.

Sports

Ex-QB McCarron running for Alabama Lt. Gov.

Published

14 mins ago

October 23, 2025

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Ex-QB McCarron running for Alabama Lt. Gov.

Associated Press

Oct 23, 2025, 02:36 PM ET

MONTGOMERY, Ala. — Former University of Alabama quarterback AJ McCarron, who helped lead the team to back-to-back national championships, announced Thursday that he is running for lieutenant governor of Alabama.

McCarron made the announcement in a video posted to YouTube on Thursday. McCarron, a first-time candidate, described himself as a political outsider. He cited conservative activist Charlie Kirk, who was assassinated in September, as his inspiration to “get off the sidelines.” McCarron, who is running as a Republican, also stressed his 2016 endorsement of President Donald Trump.

“Today, Alabama’s conservative and cultural values are under attack from every direction. That’s why Charlie Kirk’s assassination affected so many of us so deeply,” McCarron said in the video.

McCarron is seeking to be the latest figure to channel sports fame into a political win. Former Auburn University football coach Tommy Tuberville was elected to the U.S. Senate in 2020 and is running for governor of Alabama. Former Auburn basketball coach Bruce Pearl had considered a run for Senate but decided against it.

“The Montgomery insiders and career politicians have had their chance. It’s time for political newcomers and outsider candidates like me to lead the battle,” McCarron said.

McCarron joins a crowded GOP field that includes Alabama Secretary of State Wes Allen, Alabama Agriculture Commissioner Rick Pate, pastor Dean Odle and businessperson Nicole Jones Wadsworth.

McCarron was the Crimson Tide’s starting quarterback and led the team to national championship wins in the 2012 and 2013 seasons. He was a runner-up for the Heisman Trophy and went on to play for the Cincinnati Bengals and other NFL teams.

The state primaries are May 19, 2026.

Sports

OU installing padding on walls, weeks after injury

Published

14 mins ago

October 23, 2025

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OU installing padding on walls, weeks after injury

Associated Press

Oct 23, 2025, 04:31 PM ET

Oklahoma is installing padding around Owen Field after receiver Keontez Lewis ran headfirst into a brick wall three weeks ago.

A school spokesman confirmed padding will be added to both end-zone walls and the sideline walls outside the team bench areas in time for Saturday’s game between No. 13 Oklahoma and No. 8 Ole Miss. The OU Daily, the school’s student newspaper, was first to report the change.

Lewis was injured in the first quarter of Oklahoma’s 44-0 win over Kent State on Oct. 4. A pass by Michael Hawkins Jr. was a bit overthrown, and Lewis’ momentum took him into an unpadded section of the wall behind the end zone. He was carted off, prompting concerns from fans.

Most of the wall was not padded, and it is close to the field boundaries. Oklahoma coach Brent Venables had said the plans for the change were in the works within days of the injury.

Lewis played the next week against Texas, but missed Saturday’s 26-7 victory over South Carolina. He is listed on the SEC injury report as doubtful for this Saturday’s game.