It's projected to be a not-so-cheery holiday season for consumers.
The 12th annual holiday spending survey of consumers conducted by the Consumer Federation of America (CFA) and the Credit Union National Association (CUNA) says a higher percentage of people feel worse about their financial situation compared to the same time last year.
According to the Nov. 10-13 survey, of over a thousand adult Americans from varying economic backgrounds, nearly 40 percent of people polled reported their finances were worse, versus 30 percent a year ago. 41 percent of those polled – the same percentage as last year – said they planned to spend less this holiday season.
The survey's results are still an improvement over 2008, when a whopping 55 percentage of respondents said they intended to spend less. Yet, a CUNA spokesman says there was a 3 to 4 percent increase in actual spending last year, despite projected hesitancy.
Do you feel worse about your finances this year compared to last year, and plan to spend less? How do you plan on keeping holiday debt under control?
Bill Hampel, chief economist with the Credit Union National Association, which represents 90 percent of the country's credit unions