NORTH DAKOTA (KXNET) — The holiday season might bring a lot of fun, but it can also bring stress, especially for people struggling to afford the expenditures associated with Christmas. Many Americans went into debt so they could buy everything they needed, which shows how important this time of year is to people around the country. A survey by Lending Tree of more than 2,000 consumers over 18 years of age found that 36% of people took on debt this holiday season, with 42% of them having their highest interest rate at 20.00% or higher. The top gifts people planned to buy this year include clothing (60%), electronics (46%), gift cards (42%), and toys or games (42%). 73% of survey responders say they are participating in holiday gift-giving this year. Of those who are participating, 36% say their most expensive gift cost $250 or more. With gifts being that expensive, some people have no choice but to go into debt to afford them. 32% gave their most expensive gift to a child, while 31% gave it to a significant other. Not everyone who took on debt planned to do so, however, which leads to a lot of stress when faced with the responsibility of paying it off. Of those who took on debt, 44% had planned to, and 60% say they're stressed about it. Those most stressed include parents of young children (69%), women (65%), millennials (65%), and those who earn less than $30,000 (65%). 42% went as far as to say they regret spending as much as they did, and 21% expect that it will take five months or longer to pay off. One of the larger groups that admitted to being stressed about their debt are parents of young children, with 69% admitting to being a bit nervous about it. Parents already spend a lot on their children, so it's no surprise that this time of year causes a little bit more financial stress in the household. Some people are more likely to go into debt than others. The most common demographics of those who went into debt this year are people earning $30,000-$49,000 per year (39%), millennials (42%), and parents of children under 18 (48%). Biggest financial fears of North Dakota parents on Christmas Those who went into debt took on an average of $1,181, up from $1,028 last year. Over the last 10 years, 2015 saw the least debt at $986, while 2022 skyrocketed above the others at $1,549 on average. “Inflation is still a big deal in this country, and it’s having a huge impact on people’s finances, including their holiday spending,” he says. “If you were to only buy the same things you bought last Christmas, you’d likely have to spend more this year thanks to inflation. For many Americans, that means you either have to cut back on gifts or take on more debt. While people make lots of sacrifices to deal with higher prices, many may not want to sacrifice at the holidays, so debts continue to rise.” A big question people have to ask themselves is how they want to handle their debt. 65% of those in debt put purchases on a credit card, while 24% put them on a store card. Despite the 20.00% interest rate, 67% say they won't try to consolidate. Lending Tree experts offered some advice regarding how to recover after massive purchases over the holidays. They recommend consolidating your debt so you pay less interest, not overthinking or putting off paying your debt, and continuing to save while you pay it off. To read the full study, go to the Lending Tree website. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Today's Top Stories SIGN UP NOW