U.S. —The holiday season is a time of joy, but it is also a time when many people accrue debt.
More than half of Americans are paying off debt from the 2023 holiday season, 52% will apply for a new credit card to pay for gifts this year, and 42% say their family influences the holiday purchases they make, according to WalletHub.
Financial expert and the creator of the web site AnyoneCanBecomeaMillionaire.com, Derrick Kinney said it is never too late to start a budget for shopping for holiday gifts.
“We thought peer pressure ended back in junior high or high school, but as we get older spending peer pressure is even bigger, “ Kinney said.
To avoid peer pressure he suggested making a list of who you want to give a gift to this season, and creating a budget to avoid overspending. Another option to reduce stress limiting gift-giving to family members 18 years old and under.
Your budget can also pose an issue. Kinney suggested sticking to it.
"So many people feel the pressure with spending with money they don’t have to impress people they don’t like or know. They buy the gifts and as the statistic talked about they are going to pay for gift Christmases from now. We rather you keep your memories confined to this Christmas, and your bills confined to this Christmas."
Kinney also said if you choose an experience versus an expensive gift it will resonate more after this season.
Annie Gimbel
