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Sos

I laugh at my own jokes so you won’t have to, but you probably will because I’m hilarious. Full Bio

 

Millennials More Willing to Take on Debt During the Holidays

We’re enteringMariah Carey season – aka the holidays – which means egg nog, remembering you don’t like eggnog, and shopping! And it’s official. Millennials are more likely than any other generation to have a Christmas spirit that’s bigger than their bank account.

  • A new study shows that more than half of millennial credit cardholders are more than willing to rack up some debt during the next few months. Gen X’ers and Boomers also go into debt during the holidays, but they do it for less and find it much less acceptable.
  • Why are millennials so down to debt-flix and chill?We can only assume it’s because throwing a cup of holiday debt-dirt onto our fully formed mountains of debt doesn’t seem that bad.Only a guess though.

Interestingly, the survey also says men are more likely than women to take on extra debt during the holidays. Scott Gillespie, the owner of SG Financial Coaching, says this is most likely driven by their need to feel like the “provider” in the family. But Gillespie notes that’s counterproductive since it’s like “loaning away their future for the novelty of a holiday.”

Source:Consumer Affairs


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