It’s the most wonderful time of the year and the average American will use $700-$900 on Christmas. That’s a lot of toys. Or hot chocolate.

Other stats included:

Last year Americans with debt added an extra $986 to their debt due to the holidays.

On average it takes 5 or more months to payoff holiday debt. Most of which comes from credit cards.

When it comes to paying for gifts, 22% of people pay for gifts at full price, 61% wait for them to come on sale, and the last 17% say that it depends on the gift.

36% of gift sales come from catalogs and direct marketing. If you don’t want to buy anything else for Christmas this year, stay away from magazines and marketing emails!

55% of all gifts will be bought online! Just make sure that everything will arrive on time.

By December 1st, 39% of people have already started buying Christmas presents. But don’t feel bad because most of them still won’t be done shopping until after the 15th.

How much do they spend and on who? Family- $462, Significant other- $92.50, Yourself- 55.8%, $131.59

After spending so much on the Holidays, 46% of Americans reported to be stretched financially. That’s almost half!

If you need help this Holiday season, apply at