(KRON) -- More than one third of Americans racked up over $1,000 in credit card debt this holiday season, according to a new report. The report from LendingTree indicates that 36% of Americans took on an average of $1,181 in debt, up from $1,028 in 2023. Of those who took on debt for the holidays, parents of young children were the most likely to do so, at 48%. Among those who took on debt, 60% say they are stressed about it, including 69% of parents of young children, the report goes on to say. At 42%, nearly half of those surveyed said they regret spending as much as they did while 21% expect it to take five months or longer to pay the debt off. That timeframe could be longer for the 20% who say they are making only minimum payments. Athletics president Dave Kaval will resign from organization in the coming days In terms of age demographics, millennials led the charge in taking on debt these holidays with people aged 28 to 43 accounting for 42%. While the average amount of debt people went into this year was higher than last year, it was significantly lower than two years ago when it topped out at $1,549. According to one LendingTree analyst, inflation is partly to blame. "Inflation is still a big deal in this country, and it's having a huge impact on people's finances, including their holiday spending," said LendingTree chief credit analyst Matt Schulz. "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." Of those who took on debt, a majority of them put it on a credit card at 65% while 24% put it on a store card. Another 21% used a buy now, play later (BNPL) loan while 19% took out a personal loan.