Some Debtors Expect to Take 5+ Months to Pay It Off, Up 28% from Last Year<\/i><\/p>\n
CHARLOTTE, N.C.<\/span><\/span>, Dec. 28, 2022<\/span><\/span> \/PRNewswire\/ — According to LendingTree’s latest holiday debt survey<\/a><\/u>, 35% of Americans took on yuletide debt, down slightly from last year’s 36%, but the average amount of those who took some on this year is $1,549<\/span>. That’s up 24% from last year<\/a><\/u> and is the highest in the eight-year history of the report.<\/p>\n \nKey findings<\/b>\n<\/p>\n You’re a mean one, holiday debt. With skyrocketing inflation, the Federal Reserve raising interest rates, and overall economic uncertainty, it’s no surprise that we’re seeing the largest spending dollar increase in the history of this report.<\/p>\n To add insult to injury, 37% who took on holiday debt this year expect to take five months or more to pay it off, a big jump from 28% from last year. The news is even worse among Gen Xers ages 42 to 56 (47% to take five months or longer) and women (42%).<\/p>\n “For millions of Americans, it’s not possible to pay off their credit cards in full regularly,” says LendingTree chief credit analyst, Matt Schulz<\/span>. “Life is expensive in 2022, and it isn’t going to get any less so in 2023. That means that people’s financial wiggle room is almost zero, so any unexpected expense can put them in debt whether they like it or not.”<\/p>\n \nTips To Unwrap Holiday Debt:<\/b>\n<\/p>\n To view the full report, please visit: https:\/\/www.lendingtree.com\/credit-cards\/study\/holiday-debt\/<\/a><\/u> <\/b><\/p>\n \nMethodology\n<\/p>\n LendingTree commissioned Qualtrics to conduct an online survey of 2,050 U.S. consumers ages 18 to 76 from Dec. 16 to 19, 2022<\/span>. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.<\/p>\n We defined generations as the following ages in 2022:<\/p>\n \nAbout LendingTree, Inc.<\/b>\n<\/p>\n LendingTree (NASDAQ: TREE<\/a>) is one of the nation’s largest, most experienced online marketplaces, created to give power to consumers so more people can win financially. LendingTree strives to provide consumers with easy access to the best offers on home loans, personal loans, insurance, credit cards, student loans, business loans, home equity loans\/lines of credit, auto loans and more, through its network of over 500 partners. Founded in 1996 and launched nationally in 1998, LendingTree has helped over 111 million consumers obtain financing, save money, and improve their financial and credit health with transparency, education, and support throughout their financial journey.<\/p>\n LendingTree, Inc. is headquartered in Charlotte, NC<\/span>. For more information, please visit\u00a0<\/a>www.lendingtree.com<\/a><\/u>.<\/p>\n MEDIA CONTACT: SOURCE LendingTree, Inc.<\/p>\n![\"Average](\"https:\/\/mma.prnewswire.com\/media\/1975060\/holiday_debt_survey_2022.jpg?w=500\" "\\"Average")
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<\/b>Morgan Lanier<\/span>
<\/b>[email\u00a0protected]<\/span><\/a><\/b><\/p>\n
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