Consumers Eager To Avoid Debt This Holiday Season
With big holiday shopping days such as Black Friday and Cyber Monday around the corner, new reports are showing consumers are cautious about accumulating debt.
The National Retail Federation recently released a new consumer poll which indicates the use of credits may fall to its lowest level since 2002.
In the survey, 43 percent of shoppers said they planned to use debit cards as their primary payment method. By contrast, only 27 percent gave credit cards as their answer.
A similar study conducted by Harris Interactive and Green Dot found 25 percent of consumers said they were less likely to use credit cards for their holiday purchases this year. Nearly one in 10 said they didn't plan on using credit at all.
"We applaud consumers for being fiscally responsible this holiday season and encourage them in their efforts to have a happy and debt-free holiday," said Steve Streit, Green Dot's chairman and chief executive officer.
In addition, about half of consumers cited concerns about debt as the reason they would be avoiding credit cards and using other options such as cash, checks and gift cards.