LAS VEGAS (KTNV) — Do you feel overwhelmed with how much you're spending on holiday gifts this year? Well, you're not alone.
A new survey of 2,500 American adults from CouponBirds shows that 49 percent of parents nationally will go into debt buying Christmas gifts this holiday season.
According to this survey, the average parent in Nevada expects to spend $618 on each child for Christmas gifts this year— which is the 6th highest mark in the nation.
Last-minute shoppers at Meadows Mall said they were concerned about racking up their credit card bills. A financial expert said there are ways to help keep your debt under control.
“Just trying to accommodate for the high prices here," said Las Vegas local Leonel Martinez.
Martinez has two kids and many family members to buy gifts for this Christmas.
“We have at least a minimum of 15, so there’s so many, we’re just growing," Martinez said.
It’s devastating, honestly, just because you want to make a kid's dream come true with just something little and make it meaningful.
Martinez isn't the only one struggling, though.
The CouponBirds survey shows that nearly every 1 in 10 parents will spend $1,000 or more on each child.
People falling into holiday debt is an issue Thomas Nitzsche is trying to help people with.
“It’s a lot of pressure, so we encourage folks to take a breath," Money Management International Financial Educator Nitzsche said.
He said you should start not to get out of debt.
Once all the bills come rolling in, in January list them out. List out how much you owe each creditor and what the interest rates on each of the accounts are.
Nitzsche has several suggestions to help start your journey to becoming debt-free from this holiday season.
Here are a few of his suggestions:
- Call your credit card company to negotiate a lower interest rate.
- Focus on paying off the credit card with the highest interest rate first.
- Start budgeting now to save money to help pay off the debt.
- Set aside money each month to pay off debt and prepare for next year's holiday gift purchases.
“If you’re one of those people that are going to be spending, let’s say, $1,000 on gifts, you really want to be setting aside $85 every month into an account so you have that ready to go," Nitzsche said.
Martinez said that's easier said than done. He has an extensive financial plan to allow him to buy gifts, but he said it's tough not to dip into the saved money and to stay disciplined during the holidays.
“You know it can get out of hand, and you just kind of overspent at that point," Martinez said.
Nitzsche said several resources are available if you need help overcoming your debt. He said there should be no shame or fear when seeking professional help, as it could help you get out of debt and plan ahead for the future.
