The ghastly cost of Halloween costumes, decorations and “treats” can be a spooky reality for consumers suffering with high credit card debt. The National Retail Federation (NRF) says it expects total spending on Halloween in the U.S. to reach $6.9 billion in 2011, up 18% from last year. With consumers already struggling with high credit card debt in the United States, this trend could be a scary signal for Americans tempted to add to those totals this Halloween season.
“70 percent of those asked in the NRF survey said they plan to celebrate Halloween in some way, and the average person will spend $72.31 on decorations, costumes, and candy,” said Etta Money, president of InCharge Debt Solutions (InCharge), a nonprofit credit counseling organization. “If that Halloween spending is planned as a credit card expense, people need to seriously consider the many less costly ways to enjoy the event.”