Research shows that the average American is expected to spend $847 this Christmas. This figure was determined after averaging three major research group's poll results. Although only two of three groups agreed on the amount, they each agreed the amounts will increase from Christmas of 2014. What does this mean since the real median household income in the U. S. has been steadily declining? It means Americans should probably learn to live within their means and have a smaller Christmas.
Michael Snyder published an article entitled “Goodbye Middle Class: 51 Percent Of All American Workers Make Less Than 30,000 Dollars A Year.” In that article, he included newly released figures by the Social Security Administration. As you can see, the quality of our jobs is not great…
-38 percent of all American workers made less than $20,000 last year.
-51 percent of all American workers made less than $30,000 last year.
-62 percent of all American workers made less than $40,000 last year.
-71 percent of all American workers made less than $50,000 last year.
"Without a doubt, most American families should not be spending hundreds of dollars a year on Christmas gifts" -Michael Snyder
There are an increasing number of Americans who have given up the tradition of Christmas gift giving all together. Others have turned to drawing names, playing the popular "Dirty Santa," or other such Christmas games that allows everyone who chooses to be part of a fun activity, plus they give and receive a gift. For the most part though, Americans are still satisfied with their over indulgence of celebrating Christmas by overspending, which ultimately means that creditors will be receiving a little bit less in payments for debt owed to them.