Holiday Debt Nightmare Stresses Americans
Description
(AURN News) — New Year's Day may be a rough financial start for many. That's because Americans took on more holiday debt in 2024 than last year, with consumers averaging $1,181 in new debt, according to a new Lending Tree survey.
The survey found that 36% of Americans incurred debt for their 2024 holiday spending, with 24% of those borrowers facing interest rates of 20% or higher. This marks an increase from the 2023 holiday season, when shoppers averaged $1,028 in debt.
The financial strain is causing widespread concern, with 60% of borrowers reporting stress about their holiday debt. Parents are feeling particular pressure, with 69% expressing anxiety about their accumulated debt.
The survey revealed that 48% of parents with young children took on holiday debt, while 42% of millennials borrowed for their seasonal spending. Gender differences emerged in the findings, with 38% of men taking on debt compared to 35% of women.
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