Millennials Most Likely To Accrue Debt This Holiday
Debt is a Millennials’ least favorite thing. We spend money we don’t have all year long, and by the holidays, it’s exacerbated by celebrations, and we’re just trying to keep our heads above water. There is a lot of intergenerational resentment, but the fact is, Millennials today face a higher cost of living and lower-income than their predecessors.
A new poll reveals that Millennials are the most likely to accrue debt to satisfy holiday traditions from Thanksgiving to New Years. US consumer debt has reached an all-time high of $13.9 Trillion, and it keeps growing. The report states that 53% of Millennials are willing to increase their debt over the holiday season. They take it on the in the interim but find themselves playing catch up and spending more by the new year.
All of this debt makes me wonder how we can dig ourselves out of the hole. One idea is to create a holiday spending plan before you do any shopping. This way, you’ve already accounted for what you can afford. Others have opted to create homemade gifts for their loved ones, and others still use a money management app to track their spending. Let us know how you stay on top of debt during the holidays in a comment below.