El Paso County expected to spend billions in holiday shopping
EL PASO, TX (KVIA) -- As the holiday spirit sweeps through, the Borderland anticipates a surge in holiday shopping, with billions of dollars expected to be spent.
Tom Fullerton, economics professor at the University of Texas at El Paso, highlights the risks of maxing out credit cards and stresses the importance of paying off balances within 30 days to avoid accruing high-interest charges. “People who are using their credit cards should be exceedingly careful because the new credit card interest rates are all up around 30%. And so it's imperative to pay off that balance before any of those high interest rate charges kick in,” he emphasizes.
Fullerton advices households to create a budget and to stick to it.
Fullerton says the retail sector's prospects in Borderplex region are expected to be strong. Low unemployment rates, a strong peso, and subsiding inflation are all contributing factors. “It looks like in El Paso County alone, there's going to be about $1.7 billion worth of commercial activity this month. And to the extent that consumers can avoid going into excessive indebtedness, you know, it's going to be a good season for everybody,” he says.
