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Credit card debt being used for gifts, hurting retirement People are tacking on nearly $2,000 to credit card balances pay for holiday presents, a survey found December 16, 2020 5 MINS Holiday spending is down amid the pandemic, but people are taking on more credit card debt to buy gifts, and that could hurt long-term and retirement savings goals. While credit card debt is up across the board, people who suffered job losses this year have disproportionately been covering expenses with credit, according to a report today from LendEDU. On average, 51% of people who remain unemployed because of COVID-19 are taking on additional credit card debt to pay for holiday expenses, LendEDU reported. That compares with 48% of people who were laid off but have since found employment and 33% of all people surveyed. The report is based on a Dec. 1 survey of 1,000 U.S. adults conducted by research firm Pollfish. ....