The holidays are fast approaching, which means many in Tennessee are getting ready to spend money on traveling, presents and other expenses that pop up during this time of year. Most people are not prepared to pay cash for all of their holiday purchases, which means that many will rely on credit cards to buy what they want and need. Often, this leads to a significant accumulation of credit card debt in a short amount of time.
When polled, millennials say that they are prepared to take on a lot of debt during this season. Of all the demographics, this group claims that they accept the accumulation of credit card balances during the holidays as inevitable. Not only are they more tolerant of this idea, they believe it is acceptable to approach their spending during this time of year in this way.
In contrast, older generations seem more wary of accumulating additional debt during this time of year. When polled altogether, however, around 45% of all credit card holders say they plan on or assume they will have to accumulate credit card debt this time of year. Of this number, many include parents who are trying to make their kids happy by buying what’s on their Christmas lists.
Tennessee consumers accumulate credit card debt for many reasons during the holiday season. Whether it’s because of seasonal travel, gifts or experiences, people may find themselves facing a significant debt burden after the first of the year. For some, this holiday season may bring amount the financial tipping point, leading to the need to consider serious measures to deal with debt, including filing for bankruptcy.