Americans Are Already Worried about Holiday Debt

Americans Are Already Worried about Holiday Debt

September 24, 2019         Written By Bill Hardekopf

According to a new survey from Splitit, Americans are already expressing financial concerns about the upcoming holiday season. Debt is the biggest source of stress, with 42% worried about how holiday shopping will fit into their budgets.

The majority of respondents (56%) said they plan on spending less than $500 for holiday shopping; 27% plan on spending $500-$1000, and 17% plan to spend over $1000. A survey from Swagbucks last year showed that 25% of shoppers incurred over $500 in holiday debt.

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Aside from debt, 15% of consumers said they were worried about identity theft over the holiday shopping season. This is significantly lower than the 37% who reported these concerns in a 2018 Capital One study. Those consumers also cited credit card fraud as a top concern, even more so than overspending.

Online shopping is projected to grow even stronger this year. 2015 was the first year online sales exceeded in-store sales for Thanksgiving weekend. That trend has continued over the last three years. Splitit found that 63% of consumers plan to shop online and in stores for the 2019 holiday season.

Amazon will most likely remain a prominent force over the holidays, with 54% of consumers planning on using the site for gift purchases. However, small businesses may also get a break this year. Only 18% of respondents said they plan to shop on Small Business Saturday, but 42% plan to purchase gifts from local businesses and mom-and-pop stores.

The information contained within this article was accurate as of September 24, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.