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Consumers turn away from credit cards, while those in trouble could opt for debt consolidation
11/30/2009
As consumers concentrate on debt management during the holidays, a survey about the first major shopping rush of the season shows people stayed away from credit cards.
The survey, which was conducted by America's Research Group for the Reuters news service, showed that only 26 percent of respondents said they used a credit card while shopping during the first weekend of the holiday season. Of those polled, 39 percent said they used cash, while the remainder used debit cards.
"That's an amazing shift in consumers' habits," Britt Beemer, founder of the research group, told Reuters.
A number of other surveys conducted prior to the beginning of the holiday shopping season showed that respondents planned to avoid using their credit cards, opting instead to use cash or debit cards. A survey from the National Retail Federation showed that the number of consumers who would use credit cards dropped by 10.2 percent when compared to last year.
One reason why consumers may be cutting back on using credit cards is because they are unsure of being able to handle the debts they already have. For those who are facing difficulties with paying off cards, one choice might be a debt consolidation loan, which can make payments more convenient through having only one bill to pay.
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