16% of Americans would go into debt to buy Christmas gifts for children
Some parents will go out of their way to get the best holiday gifts for their children, even if it means going into debt.
More than one in 10 Americans searched by CouponFollow coupon code search engine said they would spend beyond their means to get the âbest giftâ for the child in their life, with 16% saying they would be willing to take on debt. Another 5% of those surveyed said they would physically fight another shopper to leave a store with a toy.
CouponFollow surveyed 1,085 people in the United States who self-reported, including 22% aged 18-29, 28% aged 30-44, 30% aged 45-60, and 20% aged 60 or more.
Overall, respondents said they were prepared to spend a maximum of $ 173 for a single gift for a child. Fathers were more likely to spend more on a single gift than mothers, with an average response of $ 197 compared to the average response of mothers of $ 154.
Here is the maximum amount respondents said they would spend on a single gift, broken down by their average household income:
- $ 0 to $ 24,999: $ 131 on a single gift
- $ 25,000 to $ 49,999: $ 178 on a single gift
- $ 50,000 to $ 74,999: $ 146 on a single gift
- $ 75,000 to $ 99,999: $ 184 on a single gift
- $ 100,000 and more: $ 231 on a single gift
With the most popular giveaways, respondents said they would be willing to spend an average of 22% above retail price to put a premium gift under the tree. They also said they will do whatever they can to get their hands on Apple products, followed by video game systems and LEGO building blocks.
But no matter how popular a toy is, it’s usually not a good idea to go into debt to buy it. Having a balance on your credit card is expensive and missing a payment can seriously hurt your credit score.
“Even one late payment can do a lot of damage to your credit,” LendingTree credit card expert Matt Schulz previously told CNBC Make It.
Consider setting up automatic payments to help you manage your debt, whether you are diligent about always paying off your entire balance or prefer to pay the minimum. Even the most diligent of people can forget to pay their bills, and repairing the damage that a missed payment can cause can take months.
??[If you don’t pay your full balance], maybe set it up to pay $ 200, just so you know a payment will be made if you forget or something happens, âSchulz says.
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