It can be easy to fall deeper into debt during the holiday season. Those celebrating the holidays are four times more likely to expect to spend the most money on gifts for family and friends (80%) compared to dining out (21%), social events (20%), travel (17%) and holiday decorations (16%) this year.
According to a survey by investment bank D.A. Davidson, 40 percent of American consumers are starting the holiday season with more credit card debt than they did a year ago, and 48 percent of them will end the holiday with even more debt. The fact that average credit card interest rates are at an all-time high doesn’t help.