Average holiday debt jumps to $1,550 — an 8-year high

Americans are now dealing with the aftermath of completing their holiday shopping during the highest inflation in four decades, with the average holiday debt load soaring 24% from last year to almost $1,550 — the highest amount in the eight years that LendingTree has tracked the trend. 

To be sure, not everyone is going into debt, with LendingTree finding in its December survey of 2,050 U.S. consumers that about one-third of Americans took on holiday debt in 2022. But for those who accrued charges on their credit cards, the debt load is the highest since 2015. 

While inflation is showing signs of cooling, consumers are grappling with still-high costs as well as rising interest rates, which have made it more expensive to carry credit card debt or take out loans. For the many Americans who are making financial resolutions for 2023, reducing debt is often at the top of the list.