Howard University experts share tips on credit card spending over the holidays

By Sholnn& Freeman Howard& University sholnn.freeman@howard.edu Washington, D.C. – Dec. 12, 2023 –  Howard University experts are providing Black families and other Americans with tips on how to be mindful about holiday spending this year, noting higher interest rates and student loan debt payments that have restarted for the first time in more than three years. For consumers dreaming of generational wealth and home ownership, Howard experts say a focus on increasing savings and minimizing credit card spending can create a better financial picture, especially as they prepare for the upcoming tax season.  Studies indicate that Black buying power will jump to $1.8 trillion in 2024. While surveys show that about 80% of Black spending revolves around essentials such as rent, food, commuting to and from work, and health care, competition for the other 20% of the Black consumer dollar is fierce. Experts say consumers should be aware of certain dangers ahead of their spending decisions, especially if planning toward bigger purchases like buying a home.  “Swiping that credit card will come with added expenses later,” said Gerald Daniels, Ph.D., associate professor of economics at Howard University. Daniels’ research focuses on macroeconomics and consumer finances, Black family finances, as well...