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More people accept more debt for holiday shopping

Credit card debt is a big problem for many Americans, especially Millennials, many of whom have more credit card debt than their parents did at the same age. But a recent survey by CreditCards.com found that 61 percent of people who are already in debt are willing to dig a deeper hole during the holidays. Half thought it was okay to go deeper into debt to buy presents for friends and family, 42 percent would take on debt to buy gifts for themselves, and 38 percent would do it for their children.

“Millennial credit cardholders were the most likely candidates to accept this spending fate, with 52 percent admitting willingness to increase their deficit, compared to 49 percent of Gen Xers and only 34 percent of Baby Boomers,” RealSimple.com reported.

This was especially true for parents with children under age 18, who were the most willing to take on additional debt in order to give their kids a merry Christmas.

“Almost two-thirds of parents with kids under 18 said they’d be OK with increasing their current deficit. It’s just as sweet, generous, and admirable as it is financially worrisome—but parents feel the need to make the holidays special for their kids,” RealSimple reported.

How can gift-buyers avoid big bills in January? Experts suggest making a budget that eliminates other forms of frivolous spending during the holiday months, such as dinners out. Eliminating spending in other areas can offset the price of gifts for friends and family.