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Christmas Shoppers Still Paying Back Last Year’s Debt

The Christmas holidays are a magical time of the year. There’s decorations to put up, holiday parties and gatherings to attend, plenty of good food and drinks to consume, and of course, the Christmas gifts to buy. Spending money on holiday shopping is a given for most, but a growing number of people are going into serious debt from holiday spending which is a troubling trend, especially for younger people who are just starting to use credit.

Christmas Shopping Debt

The average American plans to spend $660 dollars in gift-buying this holiday season, which is almost exactly what they spent in 2016. The only trouble with this is more and more Americans are finding themselves in debt due to holiday spending. The underpinning issue is that although Christmas shoppers plan out their budget many months in advance, the pressure to spend often overshadows budgets with nearly a quarter of shoppers spending above their budget. Because taking on debt to pay for holiday gifts is on the rise, more Christmas shoppers this year are still paying off last year’s debt.

Who is still paying back last year’s debt?

24% of Millennials and 16% of Gen Xers reported still having credit card debt from the 2016 holiday shopping season. A number of the same respondents reported having a holiday spending budget, but it’s easy to quickly go above and beyond what you can afford on holiday gifts. A good budget planning rule from financial experts is to save more than 30% of your monthly income.

How to Avoid Holiday Credit Card Debt

Make a Budget

Setting a firm budget and then sticking to that budget is considered the best way to avoid overspending by many money experts. A great start to creating your holiday shopping budget is to make a list of people you are buying for and what you plan to spend per person. It’s easier to overspend once you are in the store, but if you have a set price, you’ll be less likely to break the bank.

Timing is Everything

Timing is everything, and holiday shopping is no different. Prices have a tendency to drop significant at the end of seasons, and near holiday and event sales.

Compare Online Prices

With the massive growth of e-commerce giants such as Wal-Mart.com and Amazon.com, you can save a significant amount of money by shopping online for certain items. For technology shoppers, websites like Amazon.com can give also you access to refurbished electronics that cost 25% less, but look and work like brand new tech gadgets.

Holidays are a special time of the year, where family and doing well for others is high on the priority list. Enjoying the time without adding to stress that comes from debt is perhaps the best gift you can give to yourself (and to those who live with you). If you care about your credit score and paying less for big ticket items in the future, make it a priority to pay down and eliminate your debt this year. If you can avoid taking on additional debt this year, you’ll be in a better position to strengthen your finances and achieve your saving goals in 2018.

 

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