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As shoppers spend less, some with debt problems may consider debt consolidation
11/30/2009
As more consumers concentrate on trying to be careful with their money, recent numbers from the National Retail Federation should not come as a surprise.
The NRF, through a survey it commissioned conducted by BIGresearch, reported that the average amount people spent during the first weekend of the holiday season fell to about $343 a person, down from the $372 seen during 2008. Overall for the weekend, spending was estimated at $41.2 billion.
However, the number of people who went out to shop increased to 195 million people, an increase over the 172 million who did the same during the initial holiday shopping weekend in 2008.
Despite the increase in shoppers, a decline in spending could mean people are having a harder time making ends meet this year and are being more careful to find the best deals.
"In an economy like this one, every retailer wants to be a discounter," Tracy Mullin, NRF president and CEO, said.
Of course, no amount of discounts can help some people who are facing problems with credit card debt, even if they do cut back on spending. In light of that, consumers may consider a debt consolidation loan, which can help people pay off their debts.
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