Credit Card Holiday Spending Survey Offers Valuable Insights into Consumer Debt
By Mike Killian, CardRatings.com Credit/Debt Management Reporter
Family Credit Counseling Service has initiated what appears to be an annual questionnaire. This year's results are detailed in the
2005 Annual Financial Stress Survey. I encourage all readers to review this PDF file as it offers significant consumer insight. The survey was begun this time last year and will be conducted again in 2006. Its purpose is to gain a better understanding of why consumers are in debt and the affects of this debt.
Over 1500 consumers online were asked 14 questions:
Among his other comments, Mr. McAuliffe referenced question 4 concerning financial fears.
He was also encouraged with the responses on question 11, "Will you be spending more or less this holiday season?". However, his remarks were guarded.
"In addition to gifts, we spend money on wrapping, food, decorations and charitable contributions. To avoid regret when your January credit card statement arrives, start planning now."
CardRatings.com encourages you to have not only a safe holiday season, but a wise financial one as well. Please keep this survey and these consumer tips in mind as you do your holiday shopping...
We welcome your comments about credit card and other money issues in our popular credit forum!
Mike Killian has been writing about credit and debt management issues that are of importance to consumers for over 8 years. He formerly served as the Guide to About's credit site, which was recognized by Forbes Magazine's "Best of the Web" for 5 of the last 6 years. Mike has also offered debt elimination seminars to businesses and community colleges for many years.
Mike offers free consumer advice on the CardRatings.com Credit Forum as well as on his own site, FreeMoneyTraining.com. While at his site, you can view additional articles as well as his schedule of upcoming seminars.
CardRatings.com is the most comprehensive source for comparing credit card offers. CardRatings.com is pleased to offer consumers free credit card ratings.
Please Note! You are welcome to republish this article as long as you state that CardRatings.com is the source for the article. You must also include a link to our website if you republish the article online. Click here for more details about using our articles and thanks for your interest!
Family Credit Counseling Service has initiated what appears to be an annual questionnaire. This year's results are detailed in the
2005 Annual Financial Stress Survey. I encourage all readers to review this PDF file as it offers significant consumer insight. The survey was begun this time last year and will be conducted again in 2006. Its purpose is to gain a better understanding of why consumers are in debt and the affects of this debt.
Over 1500 consumers online were asked 14 questions:
- Do you have credit card debt?
- How much?
- What do you buy most often with a credit card?
- What is you biggest financial fear?
- Has thinking about debt affected you physically?
- Has debt affected your relationships?
- Has debt affected your work?
- Has debt affected your spiritual life?
- What steps have you taken to get out of debt?
- Have gas prices affected your budget?
- Will you be spending more or less this holiday season?
- Do you regret spending too much during the holidays?
- If not making credit card payments, on what one thing would you most likely spend the extra money?
- How old were you when you got your first credit card?
Among his other comments, Mr. McAuliffe referenced question 4 concerning financial fears.
"The reason for the survey is trying to understand why consumers are in debt. The #1 fear of consumers (35.8%) was "not ever getting out of debt". Yet the #2 response (20%) was "not having any fears at all". Over 1/2 the respondents were at either one extreme or the other."
He was also encouraged with the responses on question 11, "Will you be spending more or less this holiday season?". However, his remarks were guarded.
In a press release and on the phone Heidi Barardi confirmed four in ten individuals have regrets about spending too much on gifts. A few suggestions were offered:"In the calm rational moments before the holidays, 60% of those surveyed said they would be spending less this holiday season. Unfortunately, quite often the euphoria of the season then takes over and consumers get caught up in the holiday shopping."
"In addition to gifts, we spend money on wrapping, food, decorations and charitable contributions. To avoid regret when your January credit card statement arrives, start planning now."- Don't get caught up in the emotions of the season. Once you've determined your budget, stick to it.
- If you use credit, choose wisely.
- Avoid the temptation of payday lenders.
- Keep your receipts.
- Buy next year's decorations this year immediately after Christmas
CardRatings.com encourages you to have not only a safe holiday season, but a wise financial one as well. Please keep this survey and these consumer tips in mind as you do your holiday shopping...
We welcome your comments about credit card and other money issues in our popular credit forum!
Mike Killian has been writing about credit and debt management issues that are of importance to consumers for over 8 years. He formerly served as the Guide to About's credit site, which was recognized by Forbes Magazine's "Best of the Web" for 5 of the last 6 years. Mike has also offered debt elimination seminars to businesses and community colleges for many years.
Mike offers free consumer advice on the CardRatings.com Credit Forum as well as on his own site, FreeMoneyTraining.com. While at his site, you can view additional articles as well as his schedule of upcoming seminars.
CardRatings.com is the most comprehensive source for comparing credit card offers. CardRatings.com is pleased to offer consumers free credit card ratings.
Please Note! You are welcome to republish this article as long as you state that CardRatings.com is the source for the article. You must also include a link to our website if you republish the article online. Click here for more details about using our articles and thanks for your interest!
