Survey: Holiday spending debt reached $1,223 on average
Holiday spending took a toll on many Americans, with a large number taking on some debt to afford gifts.
Over one-third (37%) of consumers racked up holiday debt this holiday season, averaging $1,223, according to recent data from LendingTree. This figure is up from $1,181 last year and the highest since 2022. Nearly half (48%) of parents with children under 18 years old borrowed to cover the holidays, taking on an average of $1,324 in debt.
Six-figure earners (47%) were also among the most likely to borrow for the holidays, taking on an average of $1,505 – the highest by demographic. By age group, millennials ages 29 to 44 and Gen Zers ages 18 to 28 were the most likely to borrow, both at 44%. They accumulated a similar $1,294 and $1,295, respectively, in debt.
[READ MORE: Visa: Holiday spending rose 4.2%; in-store sales capture 73% of spend]
Among those who took on debt this holiday season, four-in-10 (41%) said they are still working on paying off last year’s bills. Overall, nearly six-in-10 (59%) of consumers with holiday debt this season said they are “stressed about it,” while 47% regret spending as much as they did. This was more common among parents of young kids (52%).
Almost half (45%) of consumers told LendingTree they planned to give fewer gifts this year due to price increases from tariffs. Additionally, 46% said gift prices have “ruined” the holidays for them, led by Gen Zers (57%). Almost half (45%) of holiday consumers said they used buy now, pay later financing for at least one purchase this year.
Nearly half (46%) of holiday shoppers said their most expensive present cost $250 or more. Gift-givers were most likely to say the most expensive presents are for spouses or significant others (34%) or children (33%).
When asked what gifts they planned to buy, clothing (65%) topped the list, ahead of electronics//gadgets (49%) and gift cards (45%). Gift givers also planned to spend on toys/games (41%), jewelry (38%), food/drink (31%), beauty/personal care (28%) and books/educational materials (25%).
“Tariffs and high prices keep straining household budgets, and that strain becomes especially clear during the holidays,” said Matt Schulz, LendingTree’s chief consumer finance analyst. “Even sticking to the same shopping list as last year can cost more now. That forces tough choices like whether to cut back on gifts or turn to credit to fill the gap. People adjust where they can throughout the year, but many just can’t bring themselves to scale back holiday traditions, so it’s easy to see how those higher costs can translate into rising debt.”
LendingTree commissioned QuestionPro to conduct an online survey of 2,032 U.S. consumers ages 18 to 79 from Dec. 10 - 15, 2025. The full results can be found here.
