The National Retail Federation reported last week that spending between Nov. 1 and Dec. 31 is “clearly on track” to reach a record, between $979.5 billion and $989 billion.

That’s as shoppers are projected to spend up to $989 billion between November 1 and December 31, according to the National Retail Federation. This holiday season has come with a hefty price tag: record-high credit card debt.

The holidays for many Americans means splurging on gifts for loved ones and despite the high prices caused by inflation, the tradition continues.