Your More Likely to Overspend if You're Already in Debt this Christmas

How many of us are willing to go into DEBT over the holidays? I personally think way too many of us. The crazy thing is, we're more likely to overspend if we're already in debt than if we have the extra money to spare. Sadly I understand this thinking. When I've been in debt in the past I've said to myself, "well the damage is already done so I might as well go out with a bang." I've learned this isn't the brightest philosophy and have since gotten my finances into the black. And ever since I've had money to spare I've noticed I don't really like to spend it all that much. I'm not a scrooge or anything, I'm just saying I'm getting close is all. Anyway here's how the rest of the country feels about holiday spending...

According to a new survey 61% of people who are currently carrying a balance on their credit card are willing to add to it over the holidays. But only 30% of people whose cards are all paid off are willing to take on new debt over the next few months.

And the specific groups who are most willing to take on debt are millennials . . . parents with young kids . . . and men. 

(New York Post)

RJ

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