Rising prices and persistently high interest rates are driving more Americans to put holiday purchases on credit cards, leaving many consumers with balances that could take months to repay, according to a new survey from the online lending marketplace LendingTree.
More than one-third of U.S. consumers, 37%, took on holiday debt this season, averaging $1,223, the highest level since 2022, according to a new LendingTree survey of more than 2,000 adults conducted in mid-December. That is up from $1,181 last year.
Parents of children younger than 18 were hit especially hard, with nearly half, 48%, borrowing to cover holiday costs and averaging $1,324 in debt.
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