New study says almost 40% of Americans will incur holiday debt

National

SALT LAKE CITY (ABC4 News) – With the holidays approaching, 60 million people plan to spend money on gifts and travel that’s according to a new study done by website Credit Cards.com.

Thirty-nine percent of air travelers will rack up credit card debt from booking flights and lodging over Thanksgiving and Christmas. The study found that millennials are significantly more likely to pay with a debit card or cash (59% for hotels and 48% for flights, compared with 33% and 35% of older adults, respectively).

Millennials are also the biggest rewards points users, particularly for air travel (47% will redeem miles/points, versus 31% of those who are older). Baby Boomers are considerably more likely than other generations to pay in full with a credit card.

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