The average consumer accumulated nearly $1,000 of debt during the holidays and are planning on spending most of 2018 paying it off, according to a survey conducted by LendEDU.
The company surveyed 1,000 individuals and the average amount added to credit card balances was $998.36. Those surveyed guessed it will take more than 10 months to pay off that debt, according to the survey. What is interesting is that 49.8% of respondents said they have no regrets about the choices they made this holiday season. More than 42% of respondents said they did regret how much they spent.
While the near majority of individuals have no regrets about going into debt, more than 56% of respondents said they were experiencing stress about the additional credit card debt they had accrued.
The additional debts, in most cases, was not a surprise. More than 70% of respondents said they expected to increase their credit card balances as a result of holiday expenses.
