If you're feeling overwhelmed by holiday expenses, you're not alone.
According to a new survey, more than one third of Americans would rather do away with holiday gift-giving entirely than deal with the costs associated with the holidays.
Twenty-one percent of Americans say they expect to take on at least $500 in debt this holiday season, with 11 percent reporting they'll take on at least $1,000 in debt.
Those numbers are even higher for Americans who have children under 18 years old. Thirteen percent of parents said they'd even max out their credit limit to make sure their kids have a cheery, gift-filled holiday season. And nearly 20 percent of parents said their holiday spending "has no limits" when it comes to their children.
Young couples without kids are feeling the pressure, too. The report from WalletJoy examined the pressure for a holiday engagement, the most popular time of year for proposals. With the average engagement ring costing around $6,000, 68 percent of unmarried men reported they don't believe they'd be financially prepared for a holiday proposal this year. However, 31 percent of millennial women said they'd be OK getting engaged without a ring this holiday season, and 17 percent said they'd be willing to propose to their significant others themselves.