Americans spent on holidays, but many took on debt

The video discusses the increase in consumer spending and the resulting rise in personal debt, as reported by a LendingTree survey. It highlights that many people are spending beyond their means due to high prices, with a significant portion of debt being taken on at high interest rates. The video also explores cultural attitudes towards spending, particularly around gift-giving, and considers the potential future implications of these spending habits.

What was the average amount of debt taken on per person according to the LendingTree survey?

• $500

• $1181

• $2000

• $750

What percentage of people took on debt with an interest rate of 20% or higher?

• 60%

• 30%

• 42%

• 50%

How long do 40% of people plan to take to pay off their debt?

• Less than 3 months

• 3 to 5 months

• 5 months or longer

• Within a year

Why do many people not consider gifts as discretionary spending?

• They are tax-deductible

• They are too expensive

• They are part of tradition

• They are a luxury

What is the potential impact of current spending habits on future consumer trends?

• Decrease in spending

• Increase in savings

• Shift to online shopping

• Continued spending despite high prices