Most Americans Willing to Go Into Debt For the Holidays

While plenty of us will wait until the last minute to start our holiday shopping, the season is upon us, and it seems plenty of us will be spending a lot of money over the holidays, whether we have it or not.

A new survey finds:

  • 61% of people with credit card debt are willing to go into more debt during the holiday season.
  • This is particularly true for Millennials, with 52% saying they’ll add to their debt over the holidays, while only 49% of Gen Xers and 34% of Baby Boomers say the same.
  • 51% of debt holders believe the holidays are a good reason to increase their debt, something only 26% of those without debt say.

So, why are people willing to go into more debt for the holidays.Well, the survey notes:

  • 46% say it’s to please family or friends.
  • 42% do it to make themselves happy.
  • 38% say it’s to please their children.
  • 38% do it to make their partners happy.

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Photo Credit: Getty Images

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