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Study: Nearly half of Americans are still paying off debt from last holiday season

By Stephanie Weaver
Published  October 8, 2024 2:20pm CDT
Consumer
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Shopping during the holiday season can be exciting, but it also bring along financial challenges. 

To understand how people approach holiday shopping, WalletHub conducted a nationwide survey investigating trends in budgeting, shopping habits and financial strategies. 

The company surveyed 200 participants and found that 46% of Americans were still paying off debt from last holiday season.

Despite this, WalletHub also found that more than 9 in 10 Americans had a holiday budget, and 42% of people use strict budgeting as a strategy for avoiding holiday debt. Meanwhile, 22% said they spread out their purchases over several months, and 21% said they use only cash or debit cards.

Shoppers clog the aisles at Macy's Department store November 28, 2003 in New York City. (Credit: Stephen Chernin/Getty Images)

While holiday shopping is a common practice among many Americans, 64% of people surveyed said they believe too many gifts are given during holiday season.

RELATED: Shopping expert reveals best ways to return, exchange gifts after the holidays

WalletHub also found that 47% of people surveyed start shopping for the holidays in October or even earlier. Respondents cited lower prices (38%) and more time to enjoy the holidays (31%) as two big motivators to start holiday shopping earlier.