Infographic: 56 percent of parents willing to rack up holiday debt for kids

Filed Under:

Credit Scores and Reports

Summary

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

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

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.

To use the graphic on your site, use the following code:

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.

Infographic: 56 percent of parents willing to rack up holiday debt

Summary

What’s up next?

Join the Discussion