Jonathan Reed in the Afternoons on 104.7 WNOK in Columbia, SC


It Can Take Months Paying Off Holiday Debt

The Holiday Season can be a very joyous time of the year! It can also be very expensive when you think about gifts, parties, travel, etc. It can take months to pay off holiday debt.

A new survey finds…

  • 28% of Americans have gone into debt during the holiday season.
  • Most people with holiday debt say it takes them until March, or three months, to pay it off.

Overall, the average person will spend about $972 over the holidays, although there’s a good chance they’ll spend more.

  •  While 53% of people insist they have a holiday budget, only 20% say they “always” stick to it.
  • And when it comes to overspending, the average person will go over their budget by $489, although 25% will go over more than $500.

So what are folks going over budget for? The survey finds...

  • 46% will overspend on gifts for family and friends
  • 19% will overspend on food and drinks for the home
  • 14% will overspend when eating out

Source:SWNS Digital

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