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holiday debtThank you for your interest in learning about car loan refinancing and how it can be a solution for your readers.

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:

  • Reducing or simply forgoing gifts.
  • Forgoing travel to see family, especially with gas and airline ticket prices higher than they’ve been in decades.
  • Borrowing, via personal loans or high interest credit cards, and taking on significant debt.
  • Dipping into a savings account. Typically this will involve using money set aside for emergencies or other needs.

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.

A Vicious Cycle of Increasing Debt

Holiday Debt Can Be Crippling

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.

Holiday Debt Leads to Future Debt

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).

High Inflation Rates Create Financial Hardships

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.

For more information, to schedule an Interview, or for additional Car Refinancing Media Resources, contact Kevin Hubbard at:
khubbard@ilendingdirect.com
or 303-708-2869

iLending Can Help Reduce Holiday Debt

refinance your car loan to reduce holiday debtThere 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 | khubbard@ilendingdirect.com | 303-708-2869

“36% of Americans Took On Holiday Debt, Averaging $1,249” LendingTree.com, December 2021
“How Behaviors and Attitudes are Changing in the Face of Higher Prices” NRF.com, May 2022