Americans are now dealing with the aftermath of completing their holiday shopping during the highest inflation in four decades, with the average holiday debt load soaring 24% from last year to almost $1,550 — the highest amount in the eight years.
About 4 in 10 of those taking on debt told LendingTree they expect it could take them at least five months to pay down their holiday bills, compared with about 3 in 10 consumers a year ago.
"Higher prices everywhere led people to take on debt they didn't plan to accumulate," Schulz noted."In all, 63% of those who took on holiday debt say they didn't plan to do so. That's up from 54% a year ago."There are several methods that can help people pare their holiday debt, Schulz said.
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