According to a recent survey done by Lexington Law, 57% of parents are willing to take on credit card debt to make their children happy this holiday season. For those of us who have children, this comes as no surprise. As parents, we would go to the ends of the earth to make our children happy.
The survey revealed that parents with a household income of $35,000 or less were willing to accrue $700 in holiday debt. The surprising fact was that parents with a household income of $75,000 or more were only willing to take on $300 of debt for holiday expenditures.
The consumers who were surveyed said that last year they averaged $1,100 in charges for the holiday season. More than half of the parents said they had not saved for holiday purchases as of September, and 36% said that buying presents was more important than sticking to a budget.
One in five adults participating in the survey opened a new credit card last year during the holidays, and 5% of consumers reported they had opened three or more store cards last year. The holiday season is an easy time to pick up bad financial habits, which can lead to damage to your credit score in the New Year.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.