Is that first post-holiday credit card statement worth it to see your kids’ eyes light up at the spread under the tree? More than half of parents with kids under 18 say it is
Is that first stomach-dropping, post-holiday credit card statement worth it to see your kids’ eyes light up at the spread under the tree? More than half of parents with kids under 18 say it is, according to a November 2013 poll by Lexington Law.The online survey polled 2,087 U.S. adults in September 2013. Of the 516 participants who had children under 18 in the home, 43 percent said they were not willing to go into any debt to make their kids happy during the holidays. Yet more than half responded that they were open to going into debt for their kids: 23 percent said they were willing to accumulate up to $499 in debt, and 33 percent said they’d be willing to pile up more than $500. A closer look at that last group reveals that a significant portion of parents are willing to go into lots of debt — 18 percent said they’d be willing to rack up $1,000 or more.
Willingness to go into the red for the holidays declines with age, however. When asked what was most important during the holidays (buying gifts for loved ones, having a budget or staying out of credit card debt), 26 percent of those over 45 said avoiding debt was most important. Only 13 percent of 18-to-34-year olds said the same.
The chart below shows the percentage of parents willing to go into various amounts of debt over the holidays.
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