COSTA MESA, Calif., Nov. 21, 2016 /PRNewswire/ -- 'Tis the season to be jolly — but it's not so jolly for many consumers, as the holidays can cause financial stress and often put consumers into debt. According to a nationwide survey from Experian, the primary reason is that most consumers don't create budgets and are unprepared to cover added expenses beyond gifts, such as postage costs, hostess gifts, gift-wrapping supplies and greeting cards. Experience the interactive Multimedia News Release here: http://www.multivu.com/players/English/7785851-experian-holiday-spending-survey
Failure to develop a budget (62 percent of survey respondents) is a main detractor from holiday enjoyment. Fifty-six percent of those surveyed say they spend too much during the holiday season, while 55 percent say they feel stressed about their finances during the holidays. Holiday costs add upRespondents reported spending an average of $288 during past holidays on unexpected expenses, and 28 percent actually spent more on these than on gifts. These added expenses impact consumers' finances, with 31 percent saying they have actually accrued credit card debt as a result. "What consumers don't realize is that after the merriment of the holidays they won't be having such a happy new year, because they will be saddled with debt," said Rod Griffin, director of Public Education at Experian. "With a little bit of planning, consumers can save themselves a lot of stress and put themselves in a better financial position in 2017." The risks consumers are willing to take to get a good deal and save money, such as purchasing from an unknown or unsecure website, are equally troubling. Nearly a quarter (23 percent) say they would risk becoming a victim of identity theft for a good Cyber Monday deal. Additionally, 46 percent say they are simply not concerned about identity theft this holiday season.