Millennials and parents with kids under 18 racked up the most holiday debt - $1,462 on average. Here's some tips to paying it off in the New Year.
More than a third of American shoppers incurred holiday debt this year, and they owe $1,249 on average after putting purchases on their credit cards, taking out personal loans or using buy now, pay later financing.
People were bracing for big holiday bills, according to a previous LendingTree survey, which found about half of surveyed consumers were “dreading” the holidays due to the costs of decking the halls, buying gifts and hosting family feasts. And 41% of those surveyed expected to go into shopping debt, especially since 13% of respondents were still paying off last year’s holiday tab.
It should come as little surprise that parents with children younger than 18 were most likely to incur holiday debt. More than half reported doing so. “The pressure on parents from kids, friends, relatives and from society in general to give until it hurts during the holidays is very real,” said Matt Schulz, LendingTree chief credit analyst, in a statement.
Credit cards remain the most popular form of holiday debt, with 62% of borrowers putting their purchases on plastic, not including store credit cards. Roughly 60% of U.S. adults have used BNPL services, according to marketing insights agency C+R Research. And of those who use BNPL, four out of five recently told Morning Consult that they planned on using it for holiday gift-buying.
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