It seems impossible to believe, but Christmas is now just a week away. While this means spending more time with family and friends, it also means spending more in general.
Indeed, many Americans have been going online or heading to local malls in recent weeks to buy gifts for family, friends and co-workers, likely putting their purchases on their credit cards.
This use of plastic hasn't just been confined to the holiday season, however. Recently released figures from the website Cardhub.com show that credit card spending by U.S. consumers increased by $16 billion in the third quarter.
As shocking as this might be, consider that Cardhub.com also determined that if current rates hold through the fourth quarter, an additional $60 billion in new credit card spending will occur, pushing 2014's final figure 55 percent higher than 2013.