The holidays are one of our favorite times of the year. We get to spend time with family, and take a break from our work to catch a breath before the new year kicks off. Unfortunately, this is also a time of year when many people will make poor financial decisions that lead to a holiday hangover that could last for years.
According to a recent survey by credit karma, over a quarter of Americans plan on going into debt during the holidays. In other words, they intentionally plan to dig themselves into a deeper hole than they're already in with debt. Some of the other key findings are listed in the table below.
What strikes us as most saddening is that 43% think that debt is unavoidable during the holidays and 22% are still paying off last year's debt. Talk about a long hangover!
If you've been reading this blog for more than a minute you know just how ridiculous these statistics are. Going into debt to buy xmas gifts is unavoidable? ...