Consumer Behavior

Consumers piled on holiday season debt in 2021

Photo by istock.com

January 5, 2022

An increased number of consumers built up debt this holiday season, an average of $1,249, and one in three admit to spending more than they could afford.

Those are top findings from a LendingTree survey that revealed 36% of consumers went into debt in the 2021 holiday months.

Most of the debt was placed on credit cards and, for the first time ever, about 40% used buy now, pay later finance options, according to a CNB report on the survey findings.