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ECON Average American Holiday Debt Up Five Percent This Year
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  1. #1
    Join Date
    Oct 2014
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    12,755

    Average American Holiday Debt Up Five Percent This Year

    When I saw banks offering holiday loans on their signs out front--some with seven year terms; imagine that, you could be paying off Christmas 2017 in 2024!--I figured something might be up. Turns out the news is not great; that consumer confidence boost came with a big slug of debt.

    Fair use cited so on and so forth.

    https://www.pymnts.com/news/retail/2...iday-shopping/

    Average American’s Holiday Debt Goes Up 5 Percent

    The average American got swept up in the holiday spirit this season, accumulating an average of $1,054 of debt — about 5 percent more than last year.

    MagnifyMoney’s annual post-holiday survey found that most Americans put their debt on high-interest credit cards. In fact, 68 percent of shoppers said that credit cards were responsible for their holiday debt, up 8 percentage points from 2016.

    The survey also found that while 44 percent of shoppers racked up more than $1,000 in holiday debt, 5 percent walked away with more than $5,000 in balances. In addition, only half of those surveyed plan to pay off their holiday-induced debt in three months or less. Of the remaining half, 29 percent will need five months or more.

    The personal finance site surveyed nearly 700 adults from Dec. 21 to Dec. 26.

    The survey went on to explain that shoppers making a minimum payment of $25 a month on a $1,054 balance wouldn’t have the total amount paid until 2023. Not to mention that they’d also be paying $500 in interest (assuming an annual percentage rate of 15.9 percent).

    A separate survey from Varo Money found that three-quarters of the more than 1,000 Americans surveyed, or 74 percent, revealed that they failed to budget properly for the holidays, according to a report from CNBC.

    In addition, nearly half (46 percent) of Americans said they plan to pay off their credit cards within a month after the holidays, while another 16 percent will need one to three months. A quarter of consumers will need more than six months to pay off their holiday debt.

    This will add to the already crushing credit card debt under which many Americans find themselves. Consumer credit card debt now stands at $808 billion, according to recent data from the Federal Reserve Bank of New York.

  2. #2
    Utter insanity.

    Summerthyme

  3. #3
    Join Date
    Mar 2005
    Location
    Maidenhead
    Posts
    26,760
    Going into debt for gifts that most of the adults you give them to don't want and to kids that will be bored with them after a couple of days simply isn't worth it. Over 20 years ago now the commercialism turned me off. I'd go to my sisters house and all the presents under the tree were simply obscene. And the unmentioned undercurrent is who could be the most extravagant with the giving and I'm pretty sure even then family members were going into debt because they didn't want to fall short. Insanity is right!
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  4. #4
    Join Date
    Oct 2014
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    12,755
    Quote Originally Posted by summerthyme View Post
    Utter insanity.

    Summerthyme
    Well, at least a good chunk are planning to pay off that credit card bill rather rapidly. Those might be the ones who use credit cards for all expenses to get at the free miles and such. Good way to use a credit card, honestly. That quarter that's going to need six months to pay off, however, is what should really be unnerving.

  5. #5
    Join Date
    Oct 2014
    Posts
    12,755
    Quote Originally Posted by Hfcomms View Post
    Going into debt for gifts that most of the adults you give them to don't want and to kids that will be bored with them after a couple of days simply isn't worth it. Over 20 years ago now the commercialism turned me off. I'd go to my sisters house and all the presents under the tree were simply obscene. And the unmentioned undercurrent is who could be the most extravagant with the giving and I'm pretty sure even then family members were going into debt because they didn't want to fall short. Insanity is right!
    Man, that's the truth. It's much better to be careful about gift giving; always a good plan to get people stuff they need or can use. Thanks to mom and dad I won't have to spend a nickel at the grocery store for all of January and probably into February.

  6. #6
    Join Date
    Jan 2014
    Location
    So Cal...don't be hatin'
    Posts
    1,144
    We're cash only, and the older kids (34 to 20) understand that the 2 high schoolers get gifts before they do. Got one a reasonably priced computer and the other the EarBuds he's been craving. And DH a Saints hoodie he needed after ruining his 15 year old hoodie changing the oil in his truck. Bad year, but that's ok. 2018 will be better.
    Excuses are the tools of the incompetent. ~ Thirsty Rollins

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