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Decline in credit card debt use expected for holiday season
11/18/2009
A recent survey from the National Retail Federation indicates people may be less likely to take on credit card debt during this year's holiday shopping season.
According to the poll, only 28.3 percent of respondents said they would pay for purchases with credit cards during this holiday season, which is a 10.1 percent drop from the 31.5 percent who said they would do so in last year's survey.
"With many holiday shoppers focused on spending within their limits, it’s no surprise that fewer people will be relying on credit cards this year," Tracy Mullin, president and CEO of the National Retail Federation, said.
Though credit card use is expected to fall, the survey showed that more people plan on relying on cash when it comes to making holiday purchases. Of respondents, 24.9 percent said they would purchase gifts with cash, which is a 9.1 percent increase from the 22.8 who said so last year.
When it comes to overall holiday shopping, a recent Burst Media survey shows that 62.8 percent of respondents said they plan on spending the same or less than they did last year. Furthermore, 85.3 percent of those polled plan on shopping online this year.
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