Consumers Spent a Record $5.29 Billion on Thanksgiving Day. But Will That Lead to Loads of Debt?

Clearly, inflation didn't slow shoppers down.

A lot of people regard Thanksgiving as a day to spend with family (and, let's be real, consume mass quantities of delicious food). But for many, it's also a major shopping day.

While Black Friday is commonly touted as the biggest shopping event of the year, it's become common practice for retailers to put their Black Friday discounts in place a day early so consumers can pounce. And given that so many deals are available online these days, it's easy enough for people to do their share of shopping on Thanksgiving, all the while keeping an eye on their roasting turkeys.

Meanwhile, this year, consumers spent a record $5.29 billion on Thanksgiving Day, according to initial data from Adobe. That's an increase of 2.9% from last year, which is surprising given how much inflation has soared.

In fact, many consumers were initially planning to cut back on holiday spending this year due to higher living costs. So it's surprising to see such a notable uptick in Thanksgiving Day spending.

But while that level of spending may be good for retailers and the economy, that $5.29 billion figure is also pretty unsettling. The reason? Chances are, it's going to lead consumers into a world of debt.

How long will it take consumers to pay off their Thanksgiving purchases?

Many consumers are cash-strapped this year due to inflation, so it's fair to assume that a significant number of people who shopped on Thanksgiving racked up some amount of debt in the process. And that debt isn't necessarily limited to credit card balances.

"Buy now, pay later" plans, or BNPL plans, have gotten more popular with consumers. They offer much of the same benefit as swiping a credit card -- getting to pay off purchases over time -- without automatically accruing interest the same way a credit card balance will if it's not paid off in full. But like credit cards, BNPL plans can have negative consequences.

Falling behind on either credit card or BNPL plan bills can result in extensive credit score damage. This holds true for people making even a single late payment. Plus, while BNPL plans don't charge interest and fees off the bat, those who fall behind on their payments risk those added costs.

Did you overspend on Thanksgiving?

If your plans to lounge on the couch on Thanksgiving and eat a good meal were interrupted by an online shopping session, you may be regretting your purchases now. If so, first of all, you can see about returning them. That's an easy way to whittle down your debt or eliminate it entirely.

If you can't bear to do that, take a look at the sum you owe and try your best to pick up some seasonal work to boost your income and pay those bills off as they come due. If you owe money on a BNPL plan, it's especially important to go this route to avoid getting hit with costly fees and interest charges.

At the same time, do your best to curb your holiday spending from this point forward. That could mean bringing only cash with you when you do your shopping so you're forced to stick to a list, or altering plans to keep your costs down.

It's clear that consumers did a nice amount of shopping on Thanksgiving. And some may have reaped major savings as a result. But unfortunately, it's fair to assume that many consumers are now sitting on a fair amount of debt. And if you're one of them, it pays to do what you can to pay it off as soon as possible.