A WalletHub study revealed nearly half of Americans are still paying off debt from last Christmas, even as they pile onto that debt for this year’s holiday season
Carleen Johnson
The Center Square Washington
In the final hours of the season’s Christmas shopping madness, there’s a good chance many Americans are breaking out credit cards to pay for last-minute gifts, holiday meals or travel expenses.
A WalletHub study revealed nearly half of Americans are still paying off debt from last Christmas, even as they pile onto that debt for this year’s holiday season.
“The fact that people are still paying off debt from last holiday season makes you wonder if they are going to fall into that trap again or are they cutting back because of last year’s debt,” asked WalletHub’s Chip Lupo.
“In 2023, nearly one-in-four Americans had holiday debt from the year before, so that number essentially doubled from last year,” he said.
The same study revealed “68% of Americans say Santa will be on a budget this year because of inflation,” according to Lupo who told The Center Square that holiday budgets this year range from just over $200 to more than $4,000, depending on income, existing debt, and cost of living.
Another recent poll by Gallup found the average American will spend $1,012 for Christmas this year, up from $975 in last year’s survey.
Credit card debt for the average household as of the third quarter of 2024, was around $10,757 after adjusting for inflation, according to WalletHub.
Other findings from the study:
- 52% said they would apply for a new credit card to help with holiday shopping.
- 72% in the study said their charitable giving is down this year due to inflation.
- 55% of people surveyed would like to outsource their holiday shopping to an AI robot.
For those hitting the road for the holidays, Washington gas prices are 26-cents lower than this time last year. The average price per gallon on Monday according to Triple-A is $3.91. It was $4.16 last year.
Washington gas prices are still nearly 90-cents higher per gallon than the national average.
This report was first published by The Center Square Washington.
Also read:
- Northwest just finished warmest fall on record, scientists report
Scientists report the Pacific Northwest experienced its warmest fall on record, with snowpack at the lowest level for this point in winter since tracking began in 2001. - Opinion: More taxes sadly the Washington way
Elizabeth New (Hovde) argues that Washington lawmakers continue to turn to new taxes instead of addressing state spending priorities, particularly in health care policy. - C-TRAN offering free service, extended hours this New Year’s Eve
C-TRAN will offer free systemwide service and extended late-night hours on select routes for New Year’s Eve to support safe holiday travel. - Clark County Public Works is seeking three new live-in volunteer park hosts for the 2026 season
Clark County Public Works is accepting applications for three live-in volunteer park host positions at regional and community parks for the 2026 season. - Opinion: IBR administrator receives generous Christmas gift on his way out the door
Ken Vance argues that IBR leadership avoided accountability on rising project costs as Administrator Greg Johnson announced his departure without providing updated estimates. - Christmas Ships Parade enters final week with six nights of holiday magic remaining
The Christmas Ships Parade has entered its final week, with six remaining nights of illuminated boats visiting locations along the Columbia and Willamette rivers. - County Treasurer addresses penny shortage, encourages customers to pay with exact change
The Clark County Treasurer’s Office is asking customers who pay with cash to use exact change as a nationwide penny shortage affects the ability to obtain coins.
