CHARLOTTE, N.C., Dec. 31, 2021 /PRNewswire/ — The holiday season can be a busy time for consumers, from making travel plans to purchasing gifts for loved ones. For some Americans, this can mean spending outside their budget by adding debt to their credit card, using buy now, pay later financing or taking out personal loans.
The newest LendingTree survey found that more than a third of consumers (36%) incurred holiday debt this season, averaging $1,249.
Key findings
- More consumers took on debt this holiday season than last, though the average amount dropped year over year for the first time since this survey began in 2015. 36% of Americans took on holiday debt this season, up from 31% in 2020. But borrowers owe an average of $1,249, down 10% from $1,381 last season.
- Parents with children younger than 18 and millennials were most likely to take on holiday debt, at 54% and 50%, respectively. Both groups borrowed an average of $1,462.
- Nearly 40% of Americans used buy now, pay…