Most People Willing to Go Into Debt For Holidays

Are you willing to blow your budget?

November 6, 2019
Woman in Santa hat holding up empty wallet.

The holidays are quickly approaching. The biggest shopping day of the year, Black Friday, is just about three weeks away. If you're looking to get some great deals, that's one way you can save and spend less this holiday season. 

I think most people have a budget in mind when it comes to how much they want to spend on gifts this year. It may be a budget that is totally doable when it comes to your income or you may be like half of people that are willing to go further into debt just to get people gifts according to a new study

Here's what the research found. 

-61% of people with credit cards are willing to add more debt to their card this holiday season.

-52% of Millennials are willing to increase their debt, compared to 49% of Gen Xers and 34% of baby boomers. 

Basically, people who are already in debt are the ones that will add to it this holiday season. What are the biggest reasons people feel that adding to their debt is okay?

Kids: 65% of parents feel that it's okay to go into debt to make their kid's holiday better. It's hard to say no or explain to a small child that even Santa couldn't get that one thing they really wanted this year. #ParentGuilt

And men are more likely to spend on their credit cards for gifts rather than women. 

I wonder if people are going overboard just so they can show off their shopping haul, amazing foods, and holiday decorations on social media? Just a thought. 

Just remember, while you may not be using your money directly to make these purchases, you will have to pay back the credit card companies plus the added interest. Cash is King, really!