Taking on Debt Due to Holiday Spending? Join the (Large) Club
If your holiday-season associations are less about "peace on Earth" and more about "sales on stuff," it's really not your fault.
After all, retailers spend these months saturating all forms of media with ads designed to convey the idea that the only way to truly enjoy the season is to buy more, do more, and spend more. Maybe a lot more.
Of course, the problem with that pressure -- it's only once a year, you can splurge -- is that many people can't actually afford nearly as much gift-buying, party-throwing and traveling as they wind up doing. During the 2018 holiday season, 58% of Americans exceeded the $500 mark when it came to holiday-related spending on things such as gifts, travel, meals, and parties, according to a survey from MassMutual. About a third of people who hit that spending threshold took on credit card debt to cover those seasonal expenses, while 38% said they tapped their savings.
Source Fool.com
