The joy of the holiday season is just around the corner. But for many people, this joy is also accompanied by added anxiety and stress about how to afford travel to see family or provide gifts for the kids. With economic uncertainty and inflation worries prevalent, this year will most likely prove to be a tough one for many.
In order to afford the holiday season, many people will resort to:
It’s common for holiday anxiety to result in stress-induced illness and holiday depression. The worry often starts prior to the holiday season as people prepare, lasts through the holiday season, and then hits even harder after the holiday season when the bills racked up begin to hit the household finances.
Last year, 36% of Americans took on holiday debt, up from 31% the previous year. The end result is borrowers owed an average of $1,249.
Unfortunately, the majority of consumers cover these expenses by going further into debt. Only a small portion of the U.S. population, 18%, will have the ability to pay off holiday debt within one month. The remaining 82% turn to credit cards, buy now/pay later, or personal loans to fund their holiday spending. An astounding 35% of borrowers are tied to above-average APRs (the average APR is 19.55% for a new credit card).
As consumers continue to brave the highest rate of inflation in decades, households are feeling the burden of ever-increasing prices in goods and services across the board. The National Retail Federation’s findings outline consumer behaviors in the wake of inflation.
There is a solution. Introducing iLending – a national fintech company on a path to save clients over $50 million in car loan payments this year alone. iLending refinances cars with an easy and refined process, providing service at a level most consumers don’t think is possible, or frankly, even exists.
Do you think your audience is aware they can refinance their car loan and save an average of $145 a month? Most people don’t, and an additional $145 per month can make an enormous difference for most households. Not only that, clients can skip a payment when refinancing a car loan. That extra cash may be very useful to help with the holiday season, cover expenses or be used to pay down high interest credit card debt.
If you believe your audience would benefit from increased financial freedom, peace of mind and a possible solution to help with the holiday season, please reach out and we can continue this conversation. We can provide more detailed information and I can coordinate a meeting with Tom Holgate, iLending CEO.
Kevin Hubbard | email@example.com | 303-708-2869