Plano Has One Of The Largest Holiday Spending Budgets

PLANO, TX -- 'Tis the season for overspending and the experts as Wallethub have narrowed down how much people will unload this holiday season on gifts. On average, a person will spend $1,007.24 this season, up 4.1 percent since 2017, according to data from the National Retail Federation. And chances are, that $1,007 will be through credit.

"In 2018, the average household credit card debt is $8,332, according to WalletHub's data. At the beginning of the year, there was over $1 trillion in total credit card debt, which only dipped slightly lower to around $979 trillion in the second fiscal quarter," Wallethub stated.

In an effort to educate consumers on spending habits, WalletHub calculated the maximum holiday budget for 570 U.S. cities using five characteristics, including income, age, and savings-to-monthly expenses ratio.

Of the top 20 cities with the biggest holiday budgets, six were in Texas alone. One of those cities was Plano with $2,006, according to Wallethub. Of the top 20 cities with the largest budgets, Plano is number 13.

Check out the list of 20 cities below.

1. Flower Mound, TX, $2,761
2. Sunnyvale, CA, $2,575
3. Naperville, IL, $2,528
4. Mountain View, CA, $2,524
5. The Woodlands, TX, $2,444
6. Bellevue, WA, $2,411
7. Sugar Land, TX, $2,321
8. Allen, TX, $2,244
9. Pearland, TX, $2,238
10. Maple Grove, MN, $2,156
11. San Ramon, CA, $2,036
12. Cary, NC, $2,010
13. Plano, TX, $2,006
14. Troy, MI, $1,965
15. Palo Alto, CA, $1,940
16. Rochester Hills, MI, $1,919
17. Pleasanton, CA, $1,913
18. Newton, MA, $1,888
19. Rockville, MD, $1,870
20. Shawnee, KS, $1,842
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