While the holiday season may be a joyous time of the year, it’s also a very expensive one, when you factor in things like gifts, parties, travel and more. In fact, it can be so pricey that some people spend months paying off all their 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