GRAND RAPIDS, Mich. — As you gear up for your holiday shopping and the debt that often goes along with it, you may want to reconsider. 

We sometimes forget that we don't need to go into debt to convince people we love them. Holiday shopping and gift giving can be a big financial burden, and if you haven't been putting money away all year to use this holiday, things can get sticky quickly. 

CreditCards.com commissioned a survey on holiday debt and found some interesting results. Millennials are the most tolerant age group when it comes to accruing debt during the holiday season. In fact, the survey showed that more than half of millennial credit card holders surveyed believe the holidays are an acceptable excuse to pile on debt. 

The poll indicates that 61% of respondents who already have credit card debt are willing to go more in the red for the holidays. The survey also shows that parents with kids under 18 are more likely to be okay with adding on some debt than their childless counterparts. The survey also indicates that more men are willing to take on holiday debt than women are. 

“Financing your holiday expenses with a credit card costs about 20% extra because credit card rates are so high,” explains CreditCards.com industry analyst Ted Rossman. “Better strategies would be to plan ahead – set aside a dedicated amount each month throughout the year or take on that side hustle or sell those unnecessary possessions ahead of time. You could also sign up for a 0% balance transfer or intro APR credit card."

So, is it worth it to get that card from your favorite store to get those holiday shopping rewards? 

Not necessarily A survey from Credit Card Insider shows that applying for that retail credit card may not be the best idea. More than 40% of respondents said they regret applying for a retail card and more than 50% say they have paid interest charges on a retail card. However, the biggest take away from the survey is the fact that one in five respondents say they still have some debt they racked up during the 2018 holiday season.

According to the survey, about 85% of respondents say they applied for the card in the store. Discounts, sales, and signup bonuses were enough to make them apply. Just remember, those short term perks aren't enough to compensate for the high APR that usually comes with retail cards. 

RELATED VIDEO:

More Financial Advice on 13 ON YOUR SIDE:

►Make it easy to keep up to date with more stories like this. Download the 13 ON YOUR SIDE app now.

Have a news tip? Email news@13onyourside.com, visit our Facebook page or Twitter.