Holiday debt and stress trends

Like their counterparts around the nation, many residents in Tennessee feel an increase in their levels of stress during the holidays. This is not because of the potentially frantic pace of life as they rush from one holiday celebration to another so much as it is about the financial impact of this season. Even with a relatively booming economy, consumers everywhere continue to feel the tightening of the purse strings and wonder how they can afford all of the extras that become associated with the holidays.

The availability of credit and a low unemployment rate might make some people think that consumers would be very willing to use their plastic to pay for whatever lavish gifts their loved ones want. However, it seems the more people are taking the opportunity to stop and think ahead of time about how they would eventually pay for those lavish gifts. As a result, some polls have shown that the average American consumer was set to spend less on holiday gifts in December 2017 than in prior years.

The drop in individual consumer spending was seen across a range of income levels so is not only a reflection of people with lower incomes or those who might stereotypically be considered to be struggling financially. Stress linked to debt is its own growing problem these days and maybe some people are learning to keep the debt levels down in order to keep the stress levels down.

When debt feels like it is overtaking life, Tennessee residents might find talking with an attorney a good way of learning how to find a fresh start.

Source: New York Post, “Americans are spending less on Christmas gifts this year: poll,” Gregory Besiger, December 9, 2017

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