Debt repayment as a gift: a new pre-holiday trend is gaining popularity in the USA

The best thing you can do for some people is give them money. This is especially true for the millions of Americans who have a total of more than $4 trillion in outstanding consumer debt, according to the Federal Reserve.

Фото: Depositphotos

A survey from the insurance and financial company Country Financial found that almost half of the respondents would prefer to pay one of their debts rather than get a vacation or a luxury item for the holidays, writes Fox Business.

Of those who welcome help in paying off their debt, 20% want to pay off their mortgage, 13% would like to close their credit card debt, 9% think about paying off personal loans, and 7% want to pay off student debt.

On the subject: Millions of Americans can't go on vacation this winter due to debt

The study showed that the average American would need $ 82 to pay off mortgages and various debts, $ 895 would be needed for credit card debt, $ 41 would be needed for student loans, and $ 159 would be required for personal debt.

The results of the Country Financial study are in line with last year's trends.

A 2018 survey from financial marketplace LendEDU found that most respondents would choose the equivalent of paying off their student loans instead of an $800 ticket to the hit Broadway play “Hamilton.” Less than 20% prefer to watch an expensive musical rather than receive a cash gift.

Just over a third of respondents would prefer a one-week vacation in Iceland worth $ 1436 as a gift.

When it comes to cash and cryptocurrencies, the former reign supreme on holiday wish lists. More than half of the respondents said they would prefer to get a student loan in the amount of $ 1000 over the equivalent amount in bitcoins. Conversely, a little over a third said the opposite.

On the subject: US national debt set a new record

Anyone planning to help a family member or friend with a cash gift should know that in 2019 and 2020, the annual gift tax exclusion is $ 15, according to the IRS. Contributions in excess of this amount may be taxed, but there are some exceptions for spouses and partners in the loan.

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