5 ways members can avoid post-holiday “financial hangovers”
Christmas may be brutal for many families in 2022, particularly with residual pandemic stresses. And they feel it coming. They have been holding on to budgets (or not!) for most of the year, and they’re going to make the holidays the best they can be for themselves and their families. “Going all out” is the operative phrase, for better or worse, even if they wake up in the new year with those skull-busting “financial hangovers.”
Well, it’s probably going to be worse. As pandemic stresses – yes, even gas prices – continue to recede, shoppers have been game for spending during this holiday season, even if that means taking a substantial hit this year. According to a report from CreditCards.com, Millennial shoppers are more prepared to dive into debt this holiday season than any generation. The findings are unveiled following an excessively strained holiday campaign, considering the stubborn supply chain issues, shipping delays, and inflation’s raising the cost of goods and services across the retail market.
According to the report, 56 percent of Millennials are more than willing to dive into the deep red as they shop for presents. Even more, 18 percent claimed they were likely to spend more this year than last. “Each generation has their own financial background and their own financial struggles,” said Ana Staples, a credit analyst and co-author of the report, told Business Insider. “It’s kind of a trend with millennials, that they’re willing to go into debt for things.”
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