The threat of debt won’t stop people from celebrating Halloween

INDIANAPOLIS — As the days go by and Halloween approaches, the real reason to fear may be the threat to people’s wallets.

A recent study by LendingTree found that the amount Americans will spend on Halloween this year has risen $20 from last year’s average. LendingTree surveyed 2,000 Americans and asked them all about their budgeting practices for this year’s spooky season.

This year, nine out of 10 people are planning to spend an average of $192; last year’s average was $172.

The biggest cost for people is candy, with 60% of people saying they spend the most on candy, while 35% of people shell out for pumpkins and 34% will spend the most on outdoor decorations.

One of the more shocking statistics found in the survey is that 25% of people say they have gone into debt to celebrate Halloween the way they want. Last year, just 17% of Americans said they went into debt for the holiday.

When asked why they chose to spend that much, 40% said they did it to make their children happy and/or outdo their neighbors, according to LendingTree. 53% of people end up regretting their purchases.

Curiously, while spending may be on the rise with 43% saying they will spend more than they did last year, the Halloween spirit may be on the decline.

A little less than a quarter, 21% of Americans, said their interest in spending money on Halloween has declined in the past five years and 44% say people spend too much on the holiday.

So while ghosts and goblins may come out on Halloween night, the scariest part for many Americans might be checking their bank accounts the next morning.