Consumers weren't shy about spending this holiday season, as the latest consumer credit report reveals a nearly 10 percent increase in overall consumer debt. According to the Federal Reserve, consumer borrowing surged in November by $20.4 billion raising the consumer debt total to $2.48 trillion. Financial experts at Consolidated Credit Counseling Services, Inc. advise consumers to reexamine spending habits.  

With more consumers turning to credit for purchases, revolving debt showed an 8.5 percent increase. Credit card debt accounts for almost all of revolving debt, which rose by $5.6 billion to $798.3 billion. This was the largest percentage jump since March 2008. 

Howard Dvorkin, CPA and founder of ConsolidatedCredit.org warns consumers to be fiscally conservative as the recession is not over. "American households are feeling better about the economy, but in reality unemployment is still high. Now more than ever families need to work at saving and paying off any outstanding debts," says Dvorkin.

Nonrevolving debt significantly increased 10.7 percent landing at $1.68 trillion. Nonrevolving debt includes auto loans and student loans, as well as loans for mobile homes, boats, and trailers.

"November kicks off the holiday shopping craze with Black Friday and Cyber Monday falling towards the end of the month. Consumers turned to credit for purchases they couldn't otherwise afford," says Dvorkin. "As the bills begin to roll in, consumers may find themselves unable to pay them off. It's good to see an increase in consumer spending but never is it worth going into debt."