Gifts and debt
December 15, 2017
I’m Miriam Neff-with STARTING OVER FINANCIALLY,-and I’m Valerie Neff Hogan, and we’re here to talk about money
M 56% of Americans will take on debt for Christmas gifts and 16% will take over 6 months to pay it off. Average amount is $930 but parents average $420 per child. (American Research Group)
V Now, I even get the $420 per child in that I have a son in his 20s that was in the military, so that’s a plane ticket home. But $420 average? Does that mean some 5 year old is getting $420 worth of Barbies? Again, when we say average, for everyone spending reasonably, that means someone else is approaching $1000 per kid. Craziness!
M Don’t take on debt to show love. Setting that good example is a valuable gift to your child.