In the final hours of the frenzied Christmas shopping season, there’s a good chance many Americans will be whipping out credit cards to pay for last-minute gifts, holiday meals, and travel expenses.
recent wallet hub study Nearly half of Americans say they’re still paying off debt from last Christmas, even as they rack up more debt for this holiday season.
“The fact that people are still paying off debt from last year’s holiday season makes me wonder if they’ll fall into that trap again or if they’re cutting back on their payments because of last year’s debt. you wonder,” asked Chip Lupo of WalletHub.
“In 2023, nearly one in four Americans will have holiday debt from the previous year, and that number has essentially doubled from last year,” he said.
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Speaking to Center Square, Lupo said the same survey found that “68% of Americans say Santa Claus will have a limited budget this year due to inflation,” but this Christmas Budgets range from just over $200 to over $4,000, depending on income. Current debt and living expenses.
Another recent public opinion poll The average American will spend $1,012 on Christmas this year, up from $975 in last year’s survey, according to a Gallup poll.
According to WalletHub, the average household’s credit card debt as of Q3 2024 was approximately $10,757, adjusted for inflation.
Other findings from the research:
- 52% said they would apply for a new credit card to help with holiday shopping.
- In the survey, 72% of respondents said they are giving less to charity this year due to inflation.
- 55% of people surveyed would like to outsource their holiday shopping to an AI robot.
For people going on vacation, gas prices in Washington state are 26 cents lower than this time last year. The average price per gallon on Monday was $3.91, according to Triple-A. Last year it was $4.16.
Gas prices in Washington state remain nearly 90 cents per gallon higher than the national average.
Syndicated with permission From the center square.
