Holiday spending is putting a big strain on American wallets and leaving some in debt well past the holiday season; however, personal finance expert Dave Ramsey said 'mind-blowing' debt can be avoided. "The average over the last several years has been that people pay their credit card debt from Christmas into May," The Ramsey Solutions personality shared during an appearance on "Fox & Friends" on Wednesday.
Another recent survey by CouponBirds indicated that parents will spend an average of $461 per child and that 49% of parents will go into debt to pay for this Christmas. The Ramsey Solutions personality balked at the amount of money shelled out for the season while explaining that the holiday should not come as a shock, and that spending for it should be planned out. "Those numbers are mind-blowing when you look at the averages there.