Americans plan to spend more on gifts this Christmas than in any holiday season in the past five years, according to a CNBC All-America Economic Survey. The average American plans to spend $765 this year, up 12 percent versus last year, and about 6.5 percent higher than the average across the survey’s nine-year history. Unfortunately, many of these purchases will be made on credit cards, resulting in an overhang of high interest debt.
