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More Christmas shoppers going into debt, and staying longer

New consumer data shows that many more shoppers are still working to pay off last year’s holiday bills even while they’re ramping up shopping for Christmas 2017.

Nerdwallet’s 2017 Consumer Holiday Shopping Report asked 2,000 people about their holiday shopping habits, as well as how they earned their gift-buying money.

The report said that while baby boomers respondents were the most likely to take on Christmas debt at 65 percent, millennial respondents were the most likely to still be working to pay off last year’s debt at 24 percent.

Millennials were also more likely to take on a side gig or alternative means of raising money in order to fund their gift-buying. A quarter of respondents said they intended to use some savings to cover the costs, while 9 percent said they would use year-end bonuses.

One costly factor noted in the survey was that a majority of respondents, 47 percent, said they intended to buy gifts between Nov. 28 and Dec. 23. That’s well after the big bargains trifecta of Thanksgiving, Black Friday, and Cyber Monday sales.

The help curb those expenses and worrisome debt Nerdwallet recommended making a budget and, most importantly, actually sticking to it before the holidays. Plan in advance to take advantage of big sales opportunities, and get serious about knocking out credit card debt before the time rolls around when you’re tempted to add to that debt again.

 

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