It’s no secret most people overindulge during the holidays.
Aside from feasting on holiday treats, nearly two-thirds of adults said they have felt pressure to overspend this time of year, according to a recent survey by Bankrate.com.
“Debt you can’t repay will certainly bring down one’s holiday spirit,” Rod Griffin, Experian’s director of consumer education, said in a statement.
Yet, despite being worried about debt, consumers will still spend an average of $1,679 on gifts this year, 75% more than last year, Experian found.
That’s a hefty additional expense considering that last year, Americans racked up more than $1,000 in holiday debt by the end of the season, according to MagnifyMoney’s annual post-holiday debt survey.
Less than half of shoppers, or 42%, said they would pay off that debt in three months or less. More said it would take five months or more to pay it off, MagnifyMoney found…Read more>>