With the holiday season right around the corner, some adults are going to start thinking about what they are going to get everyone. Some people will pay for these with cash, but others will choose to use credit cards to make these purchases.
Millennials are the age group most likely to rack up credit card debt during the holiday season. Around 60% of them are going into debt for Christmas. Next common is Gen Xers, who have a 49% willingness rate. Baby boomers come in third place with a 34% willingness of going into debt for the holidays.
The credit card debt comes largely from gifts, but that isn’t the only source of holiday debt. It can also come from the cost of traveling to see family members. Gas, hotel bills and meals are all part of this. Sometimes, the issue is that they are also using credit cards to pay regular bills, especially if they don’t have money saved to pay for it while they are their holiday trip.
Before you charge things this holiday season, take a good look at how long it will take for you to pay it off. This might be enough for you to find other options to pay for the things you need this holiday season.
Some people have considerable credit card debt before the holiday season. If you think that you have a problem with this facet of your financial life, you might consider bankruptcy. You do have to include all your debts when you file, and you will lose access to credit cards, so be sure that you are prepared for this when you get ready to file the case that will get you a fresh financial start.