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Tis The Season For Credit Card Debt: This Christmas Americans Will Spend An Average Of 422 Dollars Per Child

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christmas-gifts-public-domainFor many Americans, the quality of Christmas is determined by the quality of the presents.  This is especially true for our children, and some of them literally spend months anticipating their haul on Christmas morning.  I know that when I was growing up Christmas was all about the presents.  Yes, adults would give lip service to the other elements of Christmas, but all of the other holiday activities could have faded away and it still would have been Christmas as long as presents were under that tree on the morning of December 25th.  Perhaps things are different in your family, but it is undeniable that for our society as a whole gifts are the central feature of the holiday season.

And that is why so many parents feel such immense pressure to spend a tremendous amount of money on gifts for their children each year.  Of course this pressure that they feel is constantly being reinforced by television ads and big Hollywood movies that continuously hammer home what a “good Christmas” should look like.

Once again in 2016, parents will spend far more money than they should because they want to make their children happy.  According to a brand new survey from T. Rowe Price, parents in the United States will spend an average of 422 dollars per child this holiday season…

More than half of parents report they aim to get everything on their kids’ wish lists this year, spending an average of $422 per child, according to a new survey from T. Rowe Price.

To me, that seems like a ridiculous amount of money to spend on a single child, but this is apparently what people are doing.

But can most families really afford to be spending so wildly?

Of course not.  As I have detailed previously, 69 percent of all Americans have less than $1,000 in savings.  That means that about two-thirds of the country is essentially living paycheck to paycheck.

So all of this reckless spending brings with it a lot of additional financial pressure.  But because we are a “buy now, pay later” society, we do it anyway.  We are willing to mortgage a little bit of the future in order to have a nice Christmas now.

Another new survey has found that close to half the country feels “pressure to spend more than they can afford during the holiday season”

The SunTrust Banks, Inc. (NYSE: STI) annual Holiday Financial Confidence survey reveals that 43 percent of Americans feel pressure to spend more than they can afford during the holiday season. Pressure to overspend is up four percent since the survey was first conducted in 2014 by Harris Poll, but down slightly from a high of 46 percent last year.

Ultimately, much of this spending ends up going on credit cards, and credit card debt is one of the most insidious forms of debt.

And the truth is that credit card debt was already surging nationally even before we got to the holiday season

But at least one indicator suggests that much of the US is actually struggling financially: Americans are piling on credit card debt at record levels that we haven’t seen since the financial crisis.

Households added $21.9 billion in credit card debt in the third quarter — the largest increase for that period since 2007 — bringing the amount of outstanding credit card debt to $927.1 billion, according to the latest study from WalletHub.

Debt takes future consumption and brings it into the present, but there is a price to be paid for doing that.

Because we have to pay interest on that debt, we always have to pay back more money than we originally borrowed.  And because interest rates on credit cards are so high, paying back credit card debt can be particularly painful.

According to Business Insider, the average American household currently owes nearly $8,000 to the credit card companies, and it is being suggested that this is a sign that the economy is much weaker than we have been led to believe…

The fact that the average household with debt now owes $7,941 to credit card companies, according to WalletHub, suggests that America’s putative economic strength might be a mirage — that the economy may in fact be a lot weaker than all the happy indicators are leading people to believe.

“I think it is a cause of concern because it says consumers are struggling despite the low unemployment figures,” says Lucia Dunn, an economics professor at Ohio State University. “I think the rise in debt arises from weakness in the economy. People whose incomes have dropped may be trying to maintain an older level of consumption by just charging everything.”

And guess what?

The Federal Reserve just raised interest rates, and so that means that paying off credit card debt will be even more painful for Americans in 2017 than it was in 2016.

Could it be possible that we have lost our way?

Could it be possible that we need to entirely rethink our approach to “the holiday season”?

According to an old NBC News story, one survey discovered that 45 percent of all Americans would prefer to skip Christmas altogether because of all the financial pressure…

Some 45 percent of those polled said the holiday season brings so much financial pressure, they would prefer to skip it altogether. Almost half said their level of stress related to holiday expenses is high or extremely high.

That’s probably because nearly the same amount — some 45 percent — say they do not expect to have enough money set aside to cover holiday expenses.

As a society, we need to learn that things will never make us happy.

Life is not about accumulating toys.  Rather, we were created to love and to be loved.

If you want to live a great life, learn how to be a person of great love.  Unfortunately, most people never seem to learn that lesson.

A couple of months ago, I reported that the total amount of household debt in the United States had reached a grand total of 12.3 trillion dollars.

If you break that number down, it comes to approximately $38,557 for every man, woman and child in the entire country.

In addition to that, we must also remember that corporate debt has approximately doubled while Barack Obama has been in the White House, state and local government debt is completely out of control, and the U.S. national debt is now sitting just under 20 trillion dollars.

Our greed is absolutely killing us, but we can’t stop.

So we will continue to party until eventually somebody comes along and turns out the lights.

 
  • Mondobeyondo

    The three Wise Men didn’t give the baby Jesus an xBox, or a Nintendo, or a Hatchimal. Just gold, frankincense and myrrh. Remember that.

    • JC Teecher

      Yea, and from Historical writings and beliefs, it was a whole trunk full of Gold, not just a handful of 1 oz plugs.

      • socalbeachdude

        And exactly what would a baby do with gold?

        • Guest

          They knew that a King had been born.

          “But thou, Bethlehem Ephratah, though thou be little among the thousands of Judah, yet out of thee shall he come forth unto me that is to be ruler in Israel; whose goings forth have been from of old, from everlasting.” (Micah 5:2)

          • Bill G Wilminton NC

            Guest Put A Block On Socalbeachdude !!!

          • GSOB

            John 10:27-28

        • Mike Smithy

          So the parents of baby Jesus could buy Pampers, baby formula and put the residual in a 529 college savings plan.

          • Bill G Wilminton NC

            Block Him

        • alan

          Goober on it!

          • Bill G Wilminton NC

            Alan Put A Block On Socalbeachdude

  • Mike Smithy

    All I want for X-mas is prison time for Hillary and one way tickets to Canada for her supporters.

    • socalbeachdude

      Canada doesn’t want them and has strict immigration laws.

      • Brian Dougan

        I disagree. They will fit in quite nicely here. Yes; Canada does have strict immigration laws–but only if you’re a WASP. If you are; you’ll likely have a long wait. (White Anglo Saxon Protestant.) Or; if you love Obama’s America; you will probably go to the head of the line. According to dumb ass Trudeau Jr.; Canada no longer has any identity. His Machiavellian father started the Multicult/Bilingual/socialist nation destroying policies in the late 1960’s. His moron son continues that horribly wasteful, and destructive; legacy.

        Moron gets along just fine with Obama–(birds of a feather)–I hope Trump kicks Truedoughs pansy ass. Let’s see…The tough head of the Trump empire vs. a snowboard instructor/Communist loving jackass.

        Canada once had a lot of potential. I envy the USA–America is going back on track. Canada? The same tired; shop-worn drivel. Multiculturalism…Bilingualism…The welfare state…elitist politicians…Troo-dough grinning at every “Gay Pride” event he can find…And now…a “carbon tax.” That fraud will extract about $400-600/year from every Canadians wallet.

        These people lust after power and money. Making the average Joe’s life miserable is their dark calling in life. Carbon Tax/Global Warming. Argggggh. I want to vomit.

        People actually swallow this cr@p. They voted for Troo-Doh! Jr. The rest of us have to gag our way through the next four or five years. Foolish Canucklehead voters will probably re-elect him. RIP Canada.

        Oh Canada! What a sorry; sorry; pale imitation of a country you have become. Your young men were warriors during the two world wars. Now? You have become an armed forces of eunuchs, and “peace keepers.”

        Peace! Love! Group hug! Kiss kiss.

        Grow some balls. I’m sick and tired of the lack of drive; ambition, and freedom in this colorless; godless country.

        It has been said: “The business of America is business.” The business of Canada? More government & higher taxes. Yawn.

    • SnodtBlossom

      Trump-ets Blow!
      Impeach President PigBastard T.Rump!!!
      I prefer Argentina over those icy hos heads

      • GSOB

        Romans 8:32

      • Robert (qslv)

        Go

        • SnodtBlossom

          I found another house I may wanna buy, so..

      • Michael

        Impeach a Presidential elect?

      • middlechamber

        Please go what is stopping you

  • Mike Smithy

    Christmas Humor:

    A man sent his friend a cryptic Christmas card. It said: A B C D E F G H I J K M N O P Q R S T U V W X Y Z. The recipient puzzled over it for weeks, finally gave up and wrote asking for an explanation. In July he received the explanation on a postcard: “No L.”

    • LIZ THE SHIZ

      HAYOOOOHHH!!!!!!!!!!!!!!!!!!

  • mleblanc138

    This Christmas we got to see that Faithless Elector nonsense being pushed by the Liberals for the past 6 weeks completely crash and burn. In spite of protests in every Trump state capitol, only two Republican Electors voted for someone other than Trump. Hilariously enough, we saw 5 faithless Democrat Electors.

  • billtheguy

    I believe that a lot of Americans are saying “screw it, I’m going into debt just like the Jones to get what I want.” WHICH IS REALLY BAD THING TO DO AT ANY TIME. There are a lot of outside forces that people allow this to affect them. Commercials on tv still show middle class and upper class families having new cars or trucks. I can’t afford a mid priced truck for $40K?

    • Paul Patriot

      Good point. Have you seen those Lexus commercials,??????

      Daughter asks for a 50k+ vehicle…..not a mention of the Savior being born. Although, Christmas is a pagan tradition mixed with “Christianity” at the end of the day it should be about celebrating Jesus birth, but, it is all about materialism and holiday “cheer” while the vast majority of participants are on the wide road of destruction, not mindful of the Savior and the need to be saved.

      • JC Teecher

        Hate those commercials, and will not ever buy a Lexus because of them.
        Boycott Lexus.

        • Mike Smithy

          While you’re at it, boycott Kellogs.

          • JC Teecher

            Already have. As well as A T & T, Faceplant, Myspace, and any corp or organization that is against Christian values.

  • Black

    Not everyone on this planet is a miserable bible thumper hoping for the end of the world

    • JC Teecher

      I am a happy, and very positive exuberant attitude infused…bible thumper.

      Not all bible thumpers are as miserable as those that don’t believe, nor follow the bible, like the lost liberals.

  • Robert

    Look on the bright side. Xmas provides lots of stuff for thrift shops and garage sales. At least in a few months to years. My dear wife shops thrift stores and yard sales. Amazing how often she finds items with original price tags and never worn. Pennies on the dollar. Economics is about attitude towards personal wants and cravings and even addictions. We abandoned Xmas long ago and have not missed any of it. Free at last!

  • jakartaman

    Christmas should be a holy time of thanks, forgiveness and reflection.
    Unfortunetly it is a time of commercialism and terrible stress

    • GSOB

      Buying and selling are worship related rituals.
      Isaiah 55:1

  • Cinderella Man

    Where’s my comment?

    • SnodtBlossom

      The trashman took it.

  • Cinderella Man

    They should rename Christmas Mid winter shopping holiday. These kids are too spoiled these days. There are families spending Christmas in homeless shelters and they whine about not getting the newest gadget that will grow bored with in a few months? What about these parents begging strangers to buy their kids presents on Facebook? Its a real sorry state of affairs in this country.

    • CASTIEL

      These kids are spoiled indeed…. and its the fault of their parents..all around the world…When i was young i worked in my farm in Christmas…..and my present was a powerful kick in my butt…..:) Two decades later things are very different…..I wonder how it will be in the next few years…..

      • GSOB

        Matthew 7:11

    • SnodtBlossom

      If anyone actually wanted to bear your children, you and Castiel would be spoiling them just like the rest.

  • JC Teecher

    Debt I racked up for Christmas presents for a dozen family members over the past couple months….zero.

    Debt I racked up for friends Christmas presents…zero. (hand made them).

    Debt I racked up for my own present to myself …..about $200.00 plus interest over the next 12 months. for a VCR/DVD Recorder/Player to transfer hundreds of old video tape, and DVR recordings to DVD, for the SHTF Library.

    Fun and value in making the recordings for my digital Library over the next year………….priceless!

    Merry Christmas to all!

    • SnodtBlossom

      JC T has big moobs like Bill from Wilmington

  • mtntrek3

    The core reason for the season is lost in all the commercialism. Actually, most holidays are commercialized greatly….. this one the most. Even though Jesus wasn’t born this time of the year…. it’s supposed to be a celebration of His birth. That’s something to be merry about. 🙂 . Merry Christmas everyone. 🙂 Chris.

  • Tatiana Covington

    Bah Humbug, it’s all just a scam to goose the retail economy (itself now drastically altering because of the Internet).

    • GSOB

      Progress has no patience

  • wtnss4Jesus

    “This is what the Lord says: ‘Do not act like other nations who try to read their future in the stars. . .Their ways are futile and foolish. They cut down a tree and carve an idol. They decorate it with gold and silver and then fasten it securely with hammer and nations so it won’t fall over. There stands their god like a helpless scarecrow in a garden! It cannot speak, and it needs to be carried because it cannot walk. . .The wisest of people who worship idols are stupid and foolish. The things they worship are made of wood! They bring beaten sheets of silver from Tarshish and gold from Uphaz, and they give these materials to skillful craftsmen who make their idols. Then they dress these gods in royal purple robes made by expert tailors. But the Lord is the only true God. He is the everlasting King! The whole earth trembles at His anger. The nations hide before His wrath. . .the idols will disgrace their makers, for they are frauds. . .Idols are worthless; they are lies! The time is coming when they will all be destroyed. But the God of Israel is no idol! He is the creator of everything that exists, including Israel, His own special possession. The Lord Almighty is His name!” (Jeremiah 10:1-16 NLT)

    “The times of ignorance God overlooked, now He commands people everywhere to repent.” (Acts 17:30) The Kingdom of God is near!

  • wtnss4Jesus

    CHRISTMAS IS A TRAP

    Jesus was not born on Christmas. You dishonor his birth and the name of His glorious God and Father, who sent him as our Savior, by celebrating this false holy day. Research the origins of Christmas and all these other so-called holidays and you will see who you are really worshiping. Babylon introduced these pagan celebrations into its churches (congregations) to turn people away from God and into idol worship. She is the tempter from Satan “the tempter” (Matt 4:9) and “father of lies” who uses her to deceive the whole world. But she will soon be destroyed. “Don’t get trapped in her punishment!” (Jere 51:6-9)

    “This is what the Lord says: ‘Do not act like other nations who try to read their future in the stars. . .Their ways are futile and foolish. They cut down a tree and carve an idol. They decorate it with gold and silver and then fasten it securely with hammer and nations so it won’t fall over. There stands their god like a helpless scarecrow in a garden! It cannot speak, and it needs to be carried because it cannot walk. . .The wisest of people who worship idols are stupid and foolish. The things they worship are made of wood! They bring beaten sheets of silver from Tarshish and gold from Uphaz, and they give these materials to skillful craftsmen who make their idols. Then they dress these gods in royal purple robes made by expert tailors. But the Lord is the only true God. He is the everlasting King! The whole earth trembles at His anger. The nations hide before His wrath. . .the idols will disgrace their makers, for they are frauds. . .Idols are worthless; they are lies! The time is coming when they will all be destroyed. But the God of Israel is no idol! He is the creator of everything that exists, including Israel, His own special possession. The Lord Almighty is His name!” (Jeremiah 10:1-16 NLT)

    “The times of ignorance God overlooked, now He commands people everywhere to repent.” (Acts 17:30) The Kingdom of God is near!

    • ocngs1

      Jesus didn’t exist.

      • GSOB

        Psalm 2:11-12

    • GSOB

      Philippians 4:12

    • JC Teecher

      You say:

      “Jesus was not born on Christmas. You dishonor his birth and the name of His glorious God and Father, who sent him as our Savior, by celebrating this false holy day…..”

      Au contraire mon frère.

      The biblical historical recordings prove that Jesus Christ was actually “birthed” sometime around the end of September (on our Gregorian calendar).
      So, the date of Christ’s conception of the fertilization of Mary’s egg was near the end of December (Gregorian calendar).
      Proof of life beginning at conception was Mary’s visit to her first cousin Elizabeth, who was six months pregnant with baby John the Baptist. Upon entering into Elizabeth’s presence, the very next day after conception, and announcing to her that she was with child; John felt the presence of the Holy Spirit within Mary’s womb, and he “lept” in Elizabeth’s womb, with joy.

      “Joy to the World” the King is born. Not birthed into the world just yet, but born as new life with His soul intact. Just as every living being was, is, and shall be, until “all” created, have been “born from above”.

      Life begins at conception, and to abort a life at any stage of life is considered murder by our Heavenly Father.

      To not celebrated the most precious gift of our Saviour, from our Heavenly Father, on December 25th, is not a sin, but to discredit or not accept the beginning of the life of Emmanuel, “God With Us”, at near that time, is a terrible thing to cling to.

    • walcon

      What does it matter the month and day and year? It is the intent that is in the loving heart that means something greater than doing nothing.
      What I find shame in is the pressure to buy gifts and the greedy stores holding out prices knowing you put yourself into this situation. Not teaching our children the true reason we celebrate this day, teaching our children materialism and selfishness. Shame on adults- they are the childrens worst enemies at times. They learn to hate from adults, and taught that to be successful, means you make more money. When real success is in sacrifice and giving of oneself and trying to love even your enemies. Perhaps to simply place a smile on someones face. If for just a moment make someones day a happy one.
      Don’t let the words of Jeremiah get you down. They are his words and many are true, but they are not all Gods words.
      What does Christmas mean to you?

      • wtnss4Jesus

        “Yet a time is coming and has now come when the true worshipers will worship the Father in spirit and truth, for they are the kind of worshipers the Father seeks. God is spirit, and His worshipers must worship in spirit and in truth.” (John 4:23-24 NIV)

  • GSOB

    Hebrews 12:2

  • GSOB

    God can not give us comfort and peace apart from Himself.

  • walcon

    That means by comparison to 70% of the people, I’m a rich man.?
    Being called a scrooge doesn’t sound all that bad now does it?

  • thegeorgespyman

    There must be laughter somewhere. There is nothing in scripture to say we’re supposed to celebrate Christ’s birthday. Someone challenged me on that many long years ago, and I started changing my ways. If people ask me if I celebrate Christmas, I say no I’m a Christian. That passes over their heads to be sure. There was no money or credit in Eden either. Usury was always a sin until more recent times. I guessing that’s a primary reason we were ‘kicked’ out. Actual the earth is still our Eden. We are just taught it isn’t. Basically our entire existence is founded on a pile of lies. If Christ said the truth will set you free, then liberate yourself from Christmas. Giving and receiving is blessed so all is not lost. just don’t get yourself mired in debt. Worse still is the lie we manifest around Satan Claus. Teach your children the truth from the youngest years. They’ll be better off for it. I like the Christmas is a trap comment. We are still fighting Babylon’s wars in Babylon. That’s some trap.

  • Guest

    Amillennialism is the official eschatological position of the Roman Catholic Church. I’ll have none of it.

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