Millennials Take on Most, Baby Boomers Least as Regret Rises
- Over a third of consumers took on debt during the holiday season
- Millennials took on the most debt, baby boomers the least
- Six-figure earners had highest average debt at $1,429
- Parents with young children were most likely to take on debt
- 42% of consumers regret holiday spending
- Over 20% expect to take five months or longer to pay off debt
- Inflation impacting holiday spending and finances
A recent LendingTree survey reveals that over a third of consumers took on debt during the holiday season, with millennials taking on the most and baby boomers the least. Six-figure earners had the highest average debt at $1,429, while those making between $30,000 and $50,000 borrowed the least at $909. Parents with young children were most likely to take on debt (48%). Despite 75% of respondents participating in gift-giving, 42% regret their spending. Over 20% expect it will take five months or longer to pay off the debt. LendingTree’s chief credit analyst, Matt Schulz, states that inflation is a significant factor affecting holiday spending and finances. Making minimum payments can hinder other financial goals like saving for retirement or emergencies.
Factuality Level: 8
Factuality Justification: The article provides relevant information about holiday spending and debt levels, citing a survey by LendingTree and including expert commentary from Matt Schulz, the company’s chief credit analyst. It presents data on average debt amounts for different income groups and discusses the impact of inflation on consumer behavior. The article is focused on the main topic without digressions or unnecessary details.
Noise Level: 6
Noise Justification: The article provides relevant information about holiday spending and debt levels during a specific time period, but it could benefit from more analysis of the underlying reasons behind this trend and potential solutions for managing debt.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses holiday spending and debt accumulation during the holidays, which are financial topics. It also mentions the impact of inflation on people’s finances and how it affects their ability to pay off debts and save for other financial goals.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in this article.
www.retaildive.com