As the year creeps to an end, Americans are winding down their holiday spending.
And according to a new LendingTree survey, many of them are now in debt for it. The survey found more than one-third of Americans took on debt, averaging about $1,200.That’shigher than last year.
The survey also found parents with children younger than 18 are significantly more likely to take on debt. They borrowed an average of about $1,300. Americans who earned six figures were the most likely to borrow for the holidays, with about $1,500 of debt.
Of the more than 2,000 respondents, LendingTree’s survey found 41% were paying off debt from last season.
Despite headlines around debt, tariffs and rising prices, holiday spending isn’t shrinking, NPR reported. American consumers set records on Black Friday and Cyber Monday. For Cyber Monday alone, shoppers financed more than$1 billion with “buy now, pay later” options. These types of services, and the debt they bring, are expected to rise this year.
