November 28, 2018

20 Truths About Holidays and Debt You Need to Know Right Now

The average American accumulated $1000 in debt last holiday season

According to a survey by MagnifyMoney, the average American accumulated over $1,054 in debt over the holidays in 2017, slowly and steadily increasing over levels of debt attained in 2016 and 2015. MagnifyMoney estimates that an individual making minimum payments of $25 per month would take five years and pay $500 worth of interest on that debt.

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