According to a study from the NerdWallet personal finance site, the middle class takes longer than anyone else to finish paying for its Christmas celebrations.
People who earn from $50k to $75k take an average of 2.6 months to finish paying for holiday expenses. Compare that to folks who earn $50k or less and take an average of two months.
“Those who spend more in an effort to ‘keep up’ end up paying the price later,” says Matthew Ong, senior retail analyst at NerdWallet.
“Middle-class households could end up in a risky position this holiday season if they have ample credit to make purchases but incomes too thin to comfortably pay the bills later.”