Holiday spending may lead to increased debt for many shoppers [Video]

Personal finance experts say higher prices and interest rates are making it harder for people to pay down their debt, and some shoppers are planning to take on more this holiday season.A new report from the Federal Reserve Bank of New York shows credit card debt nationwide is approaching $1.17 trillion, the highest level on record since at least 2004. Nevertheless, the National Retail Federation projects holiday spending will reach a new record this season. “We are expecting the average shopper to budget around $900 per person for things like gifts and seasonal items like candy, food and decorations,” said NRF’s vice president of industry and consumer insights, Katherine Cullen. According to Bankrate.com’s Holiday Spending Report, more than one in four shoppers expect to take on more debt this year.”I think the end result is going to be higher just because half of credit card holders already carry debt from …