As much as 37 percent of Americans saw their debt increase during this year's holiday shopping season, with average debt rising to 1,223 U.S. dollars from 1,181 dollars last year, according to the latest holiday debt survey of LendingTree, the nation's online loan marketplace.
The survey, conducted earlier this month among more than 2,000 U.S. consumers, found that rising tariffs and higher prices have put additional pressure on household budgets.
In a statement, LendingTree's chief consumer finance analyst Matt Schulz said the strain becomes more pronounced during the holiday season, as many consumers are reluctant to change long-standing shopping traditions, even as costs rise, leading to higher debt levels.
According to the survey, 63 percent of borrowers expect it will take three months or longer to repay their holiday-related debt, while about 41 percent said they are still paying off debt from last year. Schulz warned that if borrowers need six months to a year or more to repay their balances, the situation becomes more serious due to high credit card interest rates.
Data from Bankrate show that the average U.S. credit card interest rate currently exceeds 20 percent.
Meanwhile, U.S. consumers have grown increasingly pessimistic about their financial situation. Data released on Tuesday by The Conference Board showed that the U.S. Consumer Confidence Index fell for the fifth consecutive month in December, dropping to 89.1, the lowest level since April, amid deepening anxiety over jobs and income.
Over one-third of Americans rack up holiday debt: survey
Ukrainian President Volodymyr Zelensky on Tuesday unveiled a draft 20-point peace plan for ending the conflict between Ukraine and Russia, stressing that the document remains a framework and that its provisions could be revised during future negotiations.
Speaking at a press briefing in Kiev, Zelensky said the document reflects to a large extent the shared positions of Ukraine and the United States and acknowledged that several key issues remain unresolved.
According to the president, the draft includes provisions reaffirming Ukraine' sovereignty and establishing a mechanism to monitor the contact line to ensure long-term peace. It also proposes strong security guarantees for Ukraine, maintaining the size of Ukraine's armed forces at 800,000 personnel in peacetime, and security assurances from the U.S., NATO and Europe similar to NATO's Article Five collective defense clause.
Also included in the plan are issues such as Ukraine's accession to the European Union with a clear time frame; the establishment of multiple funds totaling 800 billion U.S. dollars for economic recovery, reconstruction and humanitarian needs; accelerated negotiations on a Ukraine-U.S. free trade agreement; Ukraine's continued non-nuclear status, joint operation of the Zaporizhzhia nuclear power plant by Ukraine, the U.S. and Russia, and early elections in Ukraine.
Territorial issues are also addressed in the draft, though Zelensky said they remain unresolved.
The draft also raises the possibility of establishing a "free economic zone" in the Donbas region.
On Wednesday, Zelensky reiterated that Ukraine would not agree to any provision requiring it to abandon its aspiration to join NATO. He said ending the conflict would require an agreement among Ukraine, the U.S., Europe and Russia, while NATO membership is a decision for NATO member states.
Zelensky added that Ukraine seeks a clear timetable for joining the European Union, which he described as the country's true security guarantees. He said the draft peace plan would be submitted to parliament for approval or put to a nationwide referendum.
On Wednesday, Kremlin spokesman Dmitry Peskov said that Russian President Vladimir Putin has been briefed about contacts with President Donald Trump's envoys on U.S. proposals for a possible Ukrainian peace deal.
Russia has the conditions to clarify its position and will continue to advance the negotiation process through existing channels, according to Peskov who did not comment on the new 20-point draft plan.
"All the main parameters of the Russian side's position are well known to our colleagues from the United States," Peskov told reporters on Wednesday.
Zelensky unveils new 20-point draft peace plan
