2018 Holiday Debt Expected To Rise - ATL Law 404-800-4001
2018 Holiday Debt Expected To Rise
2018 Holiday Debt Expected To Rise
Each year, it seems that American’s accumulate more and more holiday debt. Statistics show that each year, the dollar value of debt raises by approximately $200. Not only that, but the rate at which Americans are paying off that debt continues to slow down. Lots of consumers are making the minimum monthly payments of $25 on over $1,000 worth of debt. That’s approximately 40 months of payments, or about 2 years. By that time, interest will have gained so much that you will have paid nearly double what your debt was worth. So why is this happening? This article will answer just that, so keep reading!
Economy is Good, So That Means My Financial Situation Must Be Too Right?
WRONG! Just because our economy is performing well this year DOES NOT mean that your finances are good too. The economy certainly is no excuse to spend more than you have. Many consumers have fallen victim to this mentality, and is a major contributor to the rising holiday debt crisis.
The majority of people who go into debt, didn’t plan on it
When it’s the holiday season, your mind isn’t necessarily focused on how much your spending. you’re focused more on what your spending your money on; the actual present. This means that people can get carried away, buy things and gifts that they can’t afford. In most cases, people don’t budget for holiday expenses because they see the holiday as an excuse to spend a lot of money.
Presents Are Getting More Expensive
Lets face it, every year gifts get more and more expensive. Kids grow up and grow out of the imaginary toy phase, and grow into the high tech expensive phase. Our tastes change, and so do our expenses.
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