Valentine's Day is upon us, a time when we are encouraged to open up our hearts, and our wallets.
While your honey may be coveting Balenciaga's (PPR) latest it-bag, the $22,500 yellow crocodile weekender, your budget may be more like dinner for two at Red Lobster (DRI). Either way this year Americans will shell-out more on Valentine's Day than ever before: $122.98 on average, according to the National Retail Federation. Nationwide, that's more than $17 billion.
That may sound like expensive already but for people with credit card debt-and the national median outstanding balance is $8,333, according to the American Institute of Certified Public Accountants-the amount you pay for that kid-free meal of lobster tail and champagne could easily balloon into four-figures by the time you pay off your bill. That is why financial planners warn against spending big this Valentine's if you are in debt.
Start your workday the right way with the news that matters most. Learn more