Despite being worried about debt, consumers will still spend about $1,700 on gifts this year
, completely paid off would be at the top of their holiday wish list — versus just 19% who wanted a vacation or luxury item. Country Financial polled more than 1,000 adults in October.
However, paying down debt is no small feat. The average person said they would need $58,673, on average, to be totally free of all their cumulative debts this season, Country Financial found. It's a tab that has only increased in recent years and shows no signs of slowing.types of debt, said Troy Frerichs, a vice president at Country Financial. "It's the discretionary debt can get you into trouble.
Credit cards, in particular, are one of the most expensive ways to borrow money. Because card issuers charge much higher interest rates than other types of lenders, carrying a credit card balance can quickly escalate out of control.
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