Credit Card News: Shopping

Selected cards: 0
Advertising Disclosure
Consumers Say They’ll Cut Back on Spending This Holiday Season
11 Dec
If a recent online poll is right, some people could be waking up to coal in their stockings on Christmas morning. That’s because the majority of consumers said they were cutting way back on spending this holiday season—and possibly even spending nothing at all on holiday purchases.

“I’m getting nothing for Christmas,” is the refrain of a funny holiday song, but no one wants that to be the case when they head for the tree on that special morning. Yet 33% of people who participated in a National Foundation for Credit Counseling poll said they plan to spend nothing this holiday season. They said their finances were already pinched and could not take another hit for the holidays.

No one wants to spend

When asked whether they would spend about the same as they did last holiday season, cut back, spend more, or not spend anything, 86% indicated that they would either cut back or spend nothing.

A scant 11% of consumers said their spending habits would resemble last year’s, because their finances are fairly stable. And a miniscule 3% said that they are feeling good about their finances and ready to break out their wallets and hit the stores for gifts.

This was the fourth year in a row that the NFCC asked people about their holiday spending intentions, and also the fourth year that the majority of respondents came back with the Scrooge-like answer that they are going to hold tight to their cash and credit cards this holiday season. Each year, most consumers said they do not plan to spend the same or more as the previous year.

Intentions not always the same as reality

No matter how little people plan to spend, the fact is that many consumers will start the New Year with a spending hangover and a pile of credit card bills. The NFCC is a non-profit dedicated to helping people find a way out of debt and manage their spending, so they have seen first-hand the effect of these broken promises to spend less. They urge people to contact an NFCC-approved financial counselor for post-holiday help if they spend more than they planned.

This NFCC poll was conducted online between November 1 and 30 and included answers from 1,408 people.

Read Also Related News

  • 5 Oct

    People who love taking advantage of Groupon’s discount offers now have an even better way to save money when using a Groupon – as long as they pay for it with an eligible Mastercard or Visa credit or debit card. Groupon Plus offers...

  • 26 Apr

    Mobile payments are gaining momentum, and that’s being demonstrated by the success of Visa Checkout, the online payment option for folks with a Visa card and a mobile device, desktop, or laptop computer. More than 20 million people have...

  • 17 Jan

    Everyone always vows to save more money, especially around the new year, when resolutions are at a fever pitch. But in fact, statistics show that 90% of all households save less than 2% of their disposable income. In order to encourage...

looking for a Credit CARD:
Credit One Bank®: Credit One Bank® Platinum Credit Card with Rewards
Apply Online
Receive 1% cash back on eligible purchases, terms apply
Mid America Bank & Trust Company: Milestone® Mastercard® with Free Choice of Card Image
Apply Online
Applying is quick and easy with our fast decision process
Horizon Card Services: Horizon Gold Credit Card
Apply Online
Guaranteed $500 Unsecured Credit Limit
Credit One Bank®: Credit One Bank® Platinum Visa®
Apply Online
See if you Pre-Qualify without harming your credit score
Want to Read News From Other Categories?
Your Money
Card Issuers
  • 24 Oct

    Many people may be familiar with the name Frank Abagnale. Played by Leonardo DiCaprio in the 2002 movie Catch Me If You Can, Abagnale has worked with the FBI for over four decades and advised hundreds of corporations and government agencies about fraud...

Customer Questions

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • 0 Selected Cards Compare