High inflation, recession fears and an uncertain economy are reshaping Americans’ Thanksgiving plans this year, according to a recent poll.
One in four Americans said they planned to skip Thanksgiving dinner this year to save money, according to the Personal Capital survey. And one in five Americans doubted they had enough money to cover the cost of Thanksgiving dinner.
The Personal Capital survey also indicated that only seven in 10 Americans plan to celebrate Thanksgiving. This contrasts with 2021, when a survey by data collection firm Ipsos said nine in 10 Americans plan to do the same.
Of those planning to celebrate Thanksgiving this year, 33% said they plan to spend less money on holiday dinner, the survey found.
And as Americans seek to stretch their dollars amid high inflation, they may also face growing debt. Total household debt increased by $351 billion to a total of $16.51 trillion in the third quarter of 2022, according to the Household Debt and Credit report from the Federal Reserve Bank of New York.
If you’re struggling with high-interest debt, you can consider paying it off with a personal loan at a lower interest rate, which will save you money on your monthly payment. You can visit Credible to compare different personal lenders and rates, without affecting your credit score.
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Thanksgiving dinner will cost more in 2022
Consumers have been feeling the pressure of inflation for months, and survey data indicates it may not ease this holiday season.
On average, a Thanksgiving meal will cost about 13.5% more than last year, according to estimates from research firm IRI. Americans can expect to pay 8.1% more for meat, 18.8% more for sides like potatoes, and 5.8% more for beverages, including soft drinks.
The cost of food in general increased in 2022. The latest Consumer Price Index (CPI) showed that the price of food at home rose 12.4% year-over-year in October, according to the Bureau of Labor Statistics (BLS).
Higher prices this holiday season could cause some Americans to take on more credit card debt. Bank card balances hit a record $866 billion in the third quarter of 2022, according to TransUnion’s latest quarterly Credit Industry Outlook Report (CIIR).
In addition, the Federal Reserve has raised interest rates several times this year to fight inflation. And it is expected to continue raising rates through 2023, which could affect interest rates for various financial products, including credit cards.
If you’re having trouble paying off your credit card debt, you can consolidate it with a personal loan at a lower interest rate, which will lower your monthly payments. Visit Credible Marketplace to compare multiple interest rates and personal lenders without affecting your credit score.
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How to save on Thanksgiving dinner
With inflation and rising food prices, there are still ways to save on Thanksgiving dinner. For example, you can consider switching to cheaper brands and comparing prices while keeping an eye on the costs per unit.
According to the Personal Capital survey, 38% of consumers pay attention to bargains and 36% plan to use coupons, while 31% plan to buy in bulk.
Many Americans said they were also aiming to save money by reducing the scope of Thanksgiving dinner.
“More than half of respondents planned to keep gatherings small, cook fewer dishes and ask guests to bring something to the table,” Personal Capital said. “Another 42% were willing to ask guests to contribute money for the meal.”
If you’re looking to reduce your monthly expenses over the holiday season, you might consider using a personal loan to pay off your debt at a lower interest rate. To see if this is the right option for you, you can visit Credible to talk to a personal loan expert and get all your questions answered.
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