It’s no secret the holiday season brings on more financial stress for many consumers.
And one group — millennials — are the most susceptible to taking on more debt to keep up, according to a new survey from CreditCards.com.
The survey found that more than half of the people in that generation — 52% — who are credit card holders said they are open to taking on more debt during the holidays. That’s compared with 45% of all cardholders who are willing to take on holiday-related credit card debt this season.
The online survey of 2,571 adults was conducted in October. Millennials are defined as individuals between the ages of 23 and 38.
Millennials are most likely getting squeezed this holiday season because they are the generation most likely to have young kids, said Ted Rossman, industry analyst at CreditCards.com.
What’s more, those younger adults often spend money to visit baby boomer parents who host the holidays, Rossman said.
“Even for millennials that don’t have kids, there’s also this element of the spillover effect from student loan debt,” Rossman said.
In comparison, 38% of members of Generation X and 28% of baby boomers think racking up credit card debt this holiday season is OK.
Rossman also said those numbers sound low, particularly because many people are already carrying debt into the holidays. About 41% of adults who have a credit card are in debt, according to CreditCard.com’s research.
More than half of those people — 56% — have been in debt for at least a year, while more than a third — 37% — have been carrying those balances for two years.
“Where does Christmas 2017 or Christmas 2018 really begin and end?” Rossman said. “If you’ve been in debt for that long, it’s kind of hard to separate what was holiday and what was not.”
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