{"id":124422,"date":"2021-12-29T15:31:00","date_gmt":"2021-12-29T15:31:00","guid":{"rendered":"https:\/\/fin2me.com\/?p=124422"},"modified":"2021-12-29T15:31:00","modified_gmt":"2021-12-29T15:31:00","slug":"more-americans-took-on-holiday-debt-this-season-owing-an-average-1249","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/more-americans-took-on-holiday-debt-this-season-owing-an-average-1249\/","title":{"rendered":"More Americans took on holiday debt this season, owing an average $1,249"},"content":{"rendered":"<ul>\n<li>Despite omicron fears and higher prices, holiday shoppers got into the spirit this season.<\/li>\n<li>More than 1 in 3 consumers said they spent more than they could afford, now owing $1,249, on average, according to a report.<\/li>\n<\/ul>\n<p>More Americans got into the spirit this holiday, even if it meant spending more than they could afford.<\/p>\n<p>Between buying presents, plane tickets and party supplies, 36% of consumers went into debt, owing an average of $1,249, according to a survey by LendingTree.<\/p>\n<p>Most holiday borrowers with debt put it on their credit cards, although for the first time, nearly 40% of Americans used so-called buy now, pay later financing to spread out their expenses, the report found, which polled more than 2,000 adults from Dec. 14 to Dec. 20.<\/p>\n<p><strong>More from Personal Finance:<\/strong><br \/>Holiday shopping fuels the return of credit card debt<br \/>Year-end money moves to make before 2022<br \/>Do you think you have a spending problem?<\/p>\n<p>Buy now pay later has exploded in popularity with the rise in online shopping during the pandemic; however, studies show installment buying could encourage consumers to spend more than they can afford.<\/p>\n<p>Although these programs let shoppers break their purchases into equal payments, often interest-free, there could be late fees, deferred interest or other penalties if you miss a payment.<\/p>\n<p>Credit cards, on the other hand, are one of the most expensive ways to borrow; with interest rates of more than 16%, on average. If you have bad credit, you&#x27;ll pay even more: Roughly one-quarter of borrowers have an APR between 20% and 29%, LendingTree found, while 9% had an APR higher than 30%.<\/p>\n<p>By the end of the holiday season, Americans are on track to have\u00a0$70 billion more in credit card debt and balances are expected to rise even higher in 2022 as consumers continue to increase their spending, according to a separate forecast by TransUnion.<\/p>\n<p>Usually, card balances decline in the beginning of the year as borrowers pay off their holiday purchases.<\/p>\n<p>This time, paying down debt will be a challenge, most said. In fact, 82% of those with holiday debt won&#x27;t pay it off within a month, LendingTree found, despite sky-high interest charges.<\/p>\n<p><em><strong>Subscribe to CNBC on YouTube.<\/strong><\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/12\/29\/more-americans-took-on-holiday-debt-this-year-owing-an-average-1249.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite omicron fears and higher prices, holiday shoppers got into the spirit this season. More than 1 in 3 consumers said they spent more than [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":124421,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>More Americans took on holiday debt this season, owing an average $1,249 - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/more-americans-took-on-holiday-debt-this-season-owing-an-average-1249\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More Americans took on holiday debt this season, owing an average $1,249 - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Despite omicron fears and higher prices, holiday shoppers got into the spirit this season. 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