New Survey Finds Most Adults Take on Holiday Credit Card Debt to Keep Their Kids Happy
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It’s no secret that the holiday season is a big deal in America. While most people look forward to spending time with friends and loved ones, there’s no denying that the holiday season also signals the busiest time for shoppers. From Black Friday to Cyber Monday, U.S. consumer culture kicks it into another gear during the holidays. So Lexington Law, the nation's leading credit repair firm, decided to investigate just how important holiday presents have become and how much people are willing to spend on them each year.
A survey conducted by
Not surprisingly, income has a lot to do with how much people are willing to spend on their kids. Those with a household income (HHI) of less than
90 percent of U.S. adults plan to buy holiday presents this year. Of that group, 31 percent said they do not have a limit on how much they’ll spend this year on those presents. However, 73 percent of women indicated that they do have a limit for how much they’ll spend this year, compared to just 64 percent of men who said they have a spending limit.
“The holiday season is the busiest time of year for consumers and these results show that good financial behavior often goes out the window this time of year,” said
Additional survey findings:
• When asked which was more important this holiday season between buying presents for loved ones, sticking to a budget or not taking on any more credit card debt, 36 percent said that buying presents was most important.
• More than half (55%) of U.S. adults have not yet saved any money for this year’s holiday season.
• One in five of U.S. adults opened a new store credit card last holiday season in order to receive discounts. 5 percent of respondents opened three or more store credit cards last year.
• Of U.S. adults who used their credit cards last holiday season, the average amount charged was
This survey was conducted online within
About Lexington Law
Lexington Law is a consumer advocacy law firm with 21 years of experience helping hundreds of thousands of Americans work to improve their credit. They are among the largest network of credit repair professionals in the U.S., employing a growing staff of 24 attorneys and 200+ paralegals/agents across 19 states. The firm empowers credit success through effective services which leverage consumers’ rights to legally resolve issues with credit bureaus and creditors. Lexington works to ensure that its clients’ credit reports are a fair and accurate representation of their true creditworthiness. For details about Lexington Law’s services, attorneys, or statistics, visit: http://www.lexingtonlaw.com.
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Media Contact:
james.christopherson(at)atomicpr(dot)com
(415) 963-9803
Read the full story at http://www.prweb.com/releases/creditreport/survey/prweb11319824.htm
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