The holiday shopping season is upon us, and for many that means racking up the bills in order to check off all the gifts on their list.
According to a new debt.com survey of 1,000 people, 66% of Americans say they expect to go into debt due to holiday shopping, which is up from 50% last year.
Just how much debt do folks expect to take on? The survey finds that 26% expect to end the holiday season with between $100 and $300 of debt, with 19% taking on between $700 and $900, and 17% taking on between $500 and $700. And there are definitely some big spenders without the cash to back it up, as 10% expect to take on more than $1,000 of debt by the end of the holidays.
Interestingly, the survey finds that artificial intelligence may play a role in how much debt folks wind up with when the holidays are over. It seems 65% of people say they’d spend more money if a gift was recommended by AI, with 26% opting for financing to pay for those gifts if they seem perfect for their loved one.
Survey data, methodology and results have not been verified or endorsed by ABC News or The Walt Disney Company.