Sure, it’d be nice if your holiday budget was infinite. But that’s what fairytales are made of. In reality, most Santas have to err on the frugal side — unless you want to head into the new year with a staggering new debt load.
While accumulating Christmas debt is something many shoppers do, studies show it’s not that easy to get rid of. In fact, 24 per cent of millennials, 16 per cent of Gen X-ers and 8 per cent of baby boomers still haven’t paid off their Christmas debt from last year, according to a recent study by NerdWallet.
Most holiday shoppers last year — a whopping 56 per cent — incurred credit card debt, spending an average of $660 on Christmas gifts, according to the same study.