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