Credit Card Debt After The Holidays: Survey Finds $998 Average Balance – LendEDU

////Credit Card Debt After The Holidays: Survey Finds $998 Average Balance – LendEDU

Credit Card Debt After The Holidays: Survey Finds $998 Average Balance – LendEDU

In January, LendEDU conducted a survey of 1,000 Americans who went into credit card debt as a result of holiday spending.mIn short, we found that our average respondent accumulated $998.36 of debt after splurging for the festivities.  Respondents were asked a series of questions about their credit card spending during the holidays, debt payoff plans, and post-holiday financial stress.

The holidays can be a stressful time. And, the time after the holidays can be even more stressful if you are one of the many Americans in financial recovery. In our previous survey ahead of the holidays, we found that nearly a quarter of Americans were planning on incurring debt as a result of holiday spending.

With this new poll, LendEDU found that the majority of the Americans were expecting to go into credit card debt as a result of holiday spending. Our respondents were largely stressed and expected to take an average of 10.28 months to repay their credit card balances that they had accumulated over the most wonderful time of the year.


Survey Questions and Raw Data

1. By how much did your current credit card debt balance increase due to holiday spending? Note: Holiday spending includes all expenses related to gifts, travel, decorations, food/drink, and all other related expenses.

We found that the average respondent’s current credit card balance increased by $998.36.

2. How many months do you think it is going to take you to repay the credit card debt you accumulated as a result of holiday spending?

We found that the average respondent reported 10.28 months until expected debt payoff.

3. Were you expecting to increase your credit card debt balance as a result of holiday spending?

a. 70.90% of respondents answered “Yes”

b. 20.10% of respondents answered “No”

c. 9.00% of respondents answered “Unsure”​

4. Are you experiencing stress due to credit card debt that resulted from holiday spending?

a. 56.80% of respondents answered “Yes”

b. 37.60% of respondents answered “No”

c. 5.60% of respondents answered “Unsure”​

5. Did you accumulate credit card debt on a store-branded credit card as a result of holiday spending?

a. 52.60% of respondents answered “Yes”

b. 47.40% of respondents answered “No”

6. Are you planning to restructure or refinance your credit card debt by using a personal loan, balance transfer, or other credit product?

a. 21.50% of respondents answered “Yes”

b. 59.00% of respondents answered “No”

c. 19.50% of respondents answered “Unsure”​

7. Do you regret getting into additional credit card debt as a result of holiday spending?

a. 42.30% of respondents answered “Yes”

b. 49.80% of respondents answered “No”

c. 7.90% of respondents answered “Unsure”​

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