The season of goodwill is right around the
corner but the majority of US consumers will leave their credit
cards at home and switch to cash to pay for their purchases.
It’s that time of the year again when
consumers are bombarded with festive lights, seasonal songs, and
the sight of holiday offers that prove too hard to resist for some.
However consumers are becoming savvy to the economic climate which
is shown by a shift in their expected spending behaviour this
Christmas.
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Kathy Banks, director of counselling at
consumer credit counselling service of Forsyth cited an online poll
from the National Foundation for Credit Counselling (NFCC) where
70% of 4,814 respondents said they would be paying in cash for
their holiday purchases this year.
“Consumers are paying attention to their
spending in this economy,” said Banks.
The poll also showed 10% of respondents said
they were planning to charges purchases to their credit cards but
will pay the bill as soon as it arrives. Nine percent said they
were charging purchases and paying for them over time.
“It is encouraging to see that the fewest
number of respondents, only nine percent, intend to charge their
purchases and pay for them over time,” said Gail Cunningham,
spokesperson for the NFCC.
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By GlobalData“This signals consumers more fully understand
the potential negative consequences resulting from this decision
and are opting for smarter ways to pay for their holiday
expenses.”
