According to a 2017 survey from mobile startup Varo, 74% of Americans say they often fail to budget properly for the holidays. And so many end up racking up holiday debt, particularly on credit cards.
The problem is debt on credit cards tend to linger past the holiday season. According to a 2018 Magnify Money survey, 49% of holiday shoppers said it would take five months or longer to pay the season’s debt off their credit cards. Meaning, those shoppers were going to paying for their 2018 holiday debt well into May of 2019.