The quickest way to rack up debt is to not think through your Christmas Shopping plan – Experian just conducted a national survey on Christmas Shopping and concluded that shoppers are just not ready for the holiday season financially. One of the big reasons? The extra things that are unplanned that go beyond traditional Christmas gifts.
Survey Results Say Holiday Costs Add Up
Respondents reported spending an average of $288 during past holidays on unexpected expenses, and 28 percent actually spent more on these than on gifts.
That is a remarkable stat that 28% spent more on unexpected expenses than on actual gifts. This is where a little planning will help.
What Are the Top Unexpected Holiday Expenses?
How About Additional Holiday Credit Card Debt?
These added expenses impact consumers’ finances, with 31 percent saying they have actually accrued credit card debt as a result. (I think that there is another 40% that aren’t being upfront on that question about credit card debt).
Apparently Almost ½ of Consumers Aren’t Worried About Identity Theft
Nearly a quarter (23 percent) say they would risk becoming a victim of identity theft for a good Cyber Monday deal. Additionally, 46 percent say they are simply not concerned about identity theft this holiday season.
As I always say, it is not if you are going to be a victim of identity theft it is when. It is amazing to me that such a large percentage is not concerned about a very concerning problem and growing problem especially this time of year.
Additional Stressors for Consumers:
- 48% said they spend more than expected.
This is always the case. Isn’t it?
- 44% feel obligated to spend more than they can afford when buying holiday gifts.
Maybe the biggest temptation!
- 43% of those who feel stressed about the holidays say it’s because they have no extra money to buy gifts — 8% higher than 2015.
The politicians say everything is good in the economy. If that is the case, why would this stat say otherwise?
Determine how much money you have to spend on Christmas. If you have to go into debt, determine how you are going to get out of debt. Second, prioritize your spending and be realistic. If you haven’t planned for Christmas during the year, then you need to be smart and utilize the little time that you have to plan now!