“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
If you and your partner find yourself at odds over finances, join the club. Money is the number one thing couples fight about according to therapists and relationship experts. But just because it’s common, doesn’t mean it can’t be...
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...
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...
I need a credit card with a 0% APR to consolidate several of my credit cards into one payment. Please advise what card I can apply.
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...