WASHINGTON (CBSDC)– One in four Americans has difficulty paying off the debt associated with holiday shopping, according to a new survey.
The LendingTree survey of more than 1,000 adults found that over half of respondents sacrifice budget plans to do holiday shopping, as reported by Palm Beach Post.
Forty-one percent of Americans say they had financial regrets regarding the 2014 holiday shopping season. Roughly a quarter of regretful consumers say they relied on credit cards or borrowed funds to buy during the holiday season.
The majority of those surveyed (64 percent) say they plan on spending $500 this year, while about 1 in 4 say they plan on spending between $251 and $500.
Not so great news for work friendships, the survey found that only about 25 percent of Americans say they will buy gifts for co-workers.
A recent survey suggests that over 1 in 5 Americans feel they have tight budget restrictions, especially around the holidays.
“While the economy is improving, many Americans are still in a state of financial recovery regarding their finances,” LendingTree CEO Doug Lebda told the Post. “Although we’re seeing personal finance situations and consumer confidence generally improving across the nation, many consumers remain financially conservative, sensitive to the implications of overspending and watchful of their wallets. This is especially true amongst millennials.”