CHICOPEE, Mass. (WWLP) – The holidays for many Americans means splurging on gifts for loved ones and despite the high prices caused by inflation, the tradition continues.
Holiday travelers prepare to head home expect lines, delays
A survey from LendingTree shows that 36% of American consumers took on holiday debt this season which averaged about $1,181. While debt is up from last year, it is down from 2022 when the average debt was $1,549.
The survey also shows that parents of young children, millennials between the ages 28 to 43 and those who earn between $30,000 to $49,999 are most likely the ones taking on debt.
When it comes to the holidays, financial experts recommend that shoppers manage their debt by negotiating their credit card interest rates in advance, finding a pay down strategy to tackle those balances and by putting aside emergency funds in their savings…