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Children wait with shopping bags inside Macy's department store on "Black Friday" shopping day Nov. 26, 2010, in New York City.

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.

WEIGH IN:

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?

Guest:

Bill Hampel, chief economist with the Credit Union National Association, which represents 90 percent of the country's credit unions