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TrueCredit.com Survey Reveals U.S. Consumers are Trimming Holiday Spending
Thursday, December 04, 2008
Credit Experts Share Shoppers' Insights and Offer Easy Tips to Avoid Overspending
CHICAGO, Dec. 4 /PRNewswire/ -- With a lagging economy and unemployment on
the rise, savvy shoppers will be keeping a close eye on their holiday spending
this season. Despite a boost on Black Friday, National Retail Federation is
still forecasting U.S. retail industry sales will only increase 2.2 percent in
2008 -- the least amount of growth in six years. So it's not surprising that a
majority of consumers (54 percent) say they plan to spend less this holiday
season than they did last year, according to a new survey commissioned by
TrueCredit.com and conducted by Zogby International.
Most respondents (45 percent) say they are controlling their holiday
budget by spending less per person this season, 32 percent will buy items on
sale and two in 10 people will set and adhere to an overall spending limit.
The survey also found that an overwhelming majority (73 percent) will use cash
and savings to finance their holiday purchases, while 18 percent plan to use
their credit cards.
"While clipping coupons and bargain hunting are effective ways to pinch
pennies, now more than ever, consumers need to plan for long-term savings,"
said Lucy Duni, vice president of consumer education at TrueCredit.com by
TransUnion. "During the holidays, it's important for consumers to take a
holistic approach to their spending, to ensure they don't rack up debt that
will impact their credit long after the holidays are over."
The experts at TrueCredit.com compiled a list of helpful tips and insights
to help consumers navigate the holiday shopping landscape:
Wallet Makeover: Surprisingly, the survey found 55 percent of people say
they do *not* feel they're more at risk of ID theft during the holiday
shopping season. As more shoppers hit the stores, so do identity thieves, so
it's important for consumers to protect themselves. To reduce your risk, do
not carry extra credit cards, your Social Security card, birth certificate or
passport with you unless needed.
Check it Twice: Before you shop this holiday season, check your credit
report to get an up-to-date view on your balances and to ensure everything is
accurate. After the holidays, check your report again to make sure there isn't
any fraudulent activity on your report.
Trim the Tree: Talk to your friends and family about scaling back on
extravagant gifts to ensure the holiday season is more economical for
everyone. Try making a list of people you plan to buy gifts for and set a
spending limit for each one.
Buyer Beware: According to the survey, more than half of Americans have
between one and five retail credit cards, and 2 percent say they have seven or
more! Avoid the temptation to sign up for every credit card you are offered
while shopping. While the promotion may be enticing, it can make it easier for
you to rack up more debt.
Go Green: Go to the ATM and take out the amount of cash you plan to use
for the day. Put it in your wallet. When your wallet is empty, stop shopping.
Eyes on the Prize: Maintain good spending habits and a healthy credit
report during the holidays and throughout the year. Budgeting ahead for
holiday and other spending extravaganzas can help limit financial stress while
also keeping your debt accumulation to a minimum.
To see the full results of TrueCredit.com's survey and learn more about
credit management, log onto http://www.gotruecredit.com and visit the learning
center.
About the Survey
Zogby International was commissioned by TrueCredit.com to conduct an
online survey of 2,520 adults in the U.S. from 11/25/08 to 12/1/08. A sampling
of Zogby International's online panel, which is representative of the adult
population of the U.S., was invited to participate. Slight weights were added
to region, party, age, race, religion, and gender to more accurately reflect
the population. The margin of error is +/- 2.0 percentage points. Margins of
error are higher in sub-groups.
About TrueCredit.com
Since 1999, TrueCredit.com has helped millions of consumers manage their
own credit health. Through a suite of educational materials, free monthly
newsletters and easy-to-use products, the company helps consumers understand
personal credit management and empowers them to achieve greater financial
well-being. TrueCredit.com's online products include credit reports, credit
and insurance scores, credit monitoring, debt management tools and identity
theft insurance services. TrueCredit.com is the direct-to-consumer arm of
Chicago-based TransUnion Interactive, a subsidiary of TransUnion, a global
leader in credit and information management. Manage your credit. Manage your
life.(SM) http://www.gotruecredit.com
SOURCE TrueCredit.com
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