HOBOKEN, N.J.–The holiday bills are now coming due for many Americans, a majority of whom have gone into debt even as more than half say they have no regrets.
A survey conducted by LendEDU of 1,000 Americans found that on average people reported $998.36 of debt resulting from holiday spending.
Respondents were asked a series of questions about their credit card spending during the holidays, debt payoff plans, and post-holiday financial stress.
Among the findings:
- Average respondent accumulated $998.36 in credit card debt as a result of holiday spending
- Average respondent is planning to take 10.28 months to repay credit card debt
- 70.9% of respondents expected to go into credit card debt because of the holidays
- 52.6% accumulated debt on high interest store branded credit cards
- 56.8% on respondents are experiencing post-holidays financial stress
- 21.5% of respondents are going to restructure/refinance balance
- 49.8% of respondents do not regret additional credit card debt
For more info, go here: https://lendedu.com/blog/credit-card-debt-after-holidays-survey