Cash or credit cards for the holidays?
A majority of consumers say they plan to use cash this year when shopping for the holidays, according to a survey.
Sixty-eight percent said they would use cash, while another 12 percent said they would use a credit card but pay the bill in full. The survey was conducted by the National Foundation for Credit Counseling.
Another 10 percent would charge purchases and pay them off over time. The final 10 percent plan to use lay-away programs.
How about you? Will you use cash? Credit cards? Will you spend less or more than you did last year? What’s your strategy?
Also, beyond holiday shopping, has you credit card company made changes in your account, even though you have paid on time?
Did your rate increase? Was your credit limit cut? Did your minimum payment rise?
Besides commenting on this blog, AJC reporter Carrie Teegardin would like to hear from you. She is working on an upcoming article about the latest trends with credit cards.
Please e-mail your experiences to Carrie at cteegardin@ajc.com. She will contact you before using any information in an article.
For instant updates, follow me on Twitter.
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23 comments Add your comment
SouthFultonMom
November 2nd, 2009
9:53 am
I have no plans of using any credit cards. I had one bank cancel a card I rarely used and cut the credit limit on another one (same bank). They’ve been paid off and I won’t ever be using them again. My husband and I are keeping only one credit card for emergency use only. I have always used cash at Christmas so this really won’t be any different. If I can’t afford to pay for it, they don’t need it.
clyde
November 2nd, 2009
9:58 am
I used cash.All of my Christmas shopping is completed.The gifts are wrapped and labeled.I am so far ahead of the game I stink.Last year and the years before,there are always deep cuts in prices and many of these items become next year’s Christmas gifts.There are obviously many items that can’t be held over a year,just know which ones.This year, I predict,will be a bonanza for the patient shopper.The stores are already full of Christmas displays.Merchants are banking on a do or die season.Just be patient and it will pay off for the comsumer big time.
Get A price list of everything you want to buy and wait until the price drops to what you are willing to pay.It will drop this year.
Leave the credit card home.This is not the year to use it.Buy only what you can afford.
Rollo Tomasi
November 2nd, 2009
10:04 am
Taking Christmas off this year. Buying NO presents. Just sending out some nice cards I bought 75% off last year. Putting the “It’s the thought that counts.” saying to the test.
RH
November 2nd, 2009
10:12 am
Credit card (for convenience and security) that are always paid off in full every month!
Cynthia
November 2nd, 2009
10:23 am
I am using cash. I’m not really buying much anyway and don’t want to be afraid to check my mailbox in January when all those credit card statements start showing up. Cash is king folks!
BlueeyedSara
November 2nd, 2009
10:27 am
I’m split between clyde and RH – I’ve already picked up several bargains through the year and I will purchase the remaining items with a credit card that I will pay off in full before the next billing cycle. The total will not exceed my budget, which is 1% of my annual income. This has been my strategy for years.
Leah
November 2nd, 2009
10:37 am
Using cash only. I used to go all out buying lots of presents for every one, but no one ever thinks of me on my special days. So I will now join in their way of thinking and “act broke”. I know it’s not all about me, but I do like to be thought of once in a while.
Nianya
November 2nd, 2009
10:56 am
If you haven’t got the cash, don’t buy. There are better ways to celebrate Christmas and other winter holidays than doing into debt for gifts; make your own. The age of entitlement is over!
Anne
November 2nd, 2009
10:57 am
Cash except for online orders and then pay off as soon as the order arrives and is checked. Probably spend a little more this year because I saved ahead.
Shep
November 2nd, 2009
11:04 am
I am not planning on giving any gifts but instead I am hosting a Christmas dinner for the entire family. I did this last year and it was a hit. Everyone was told not to bring or cook anything, just show up and enjoy! Besides, Christmas should be about families spending time together and not worrying about buying someone a gift they probably don’t need anyways.
Chris
November 2nd, 2009
11:55 am
Taking a cruise! Will use credit cards on the trip but will pay off the balance once back home from the Christmas cruise. This year not buying anyone gifts. We will send cards but that is it and started only sending cards to people who sent me a card the year before as it also can get expensive to send cards so I expect one in return or you get scratched off the list. The cruise was paid off from a tax refund in March!
Chris
November 2nd, 2009
2:15 pm
Go to the ATM. Pull out how much cash you have decided to use. Pay with it and it only. Once it’s gone, your shopping is done. You will be forced to budget. You won’t overspend. And when you’ve spent an entire day actually handing someone your money, you’ll be glad when the shopping’s done. Simple as that.
chriscringal
November 2nd, 2009
2:24 pm
I saved ahead this year, but still don’t plan to spend much. I will use cash only with a few online purchases that are better deals than locally. Layaway is storming back. K-Mart is at it again this year and now Toys R Us and Sears have joined the fray with Sears taking it further letting you do layaway online through their website which went flawless for me. Put the credit cards away, no sense on borrowing money at 20-30% in these times.
Rhonda K.
November 2nd, 2009
2:25 pm
Cash, I have our budget, and what we can spend on each person….I already have quite a bit done, and I’m hoping to get some bargains on a camera and bike for my daughter!
Coupon Diva
November 2nd, 2009
2:41 pm
Well For me its Cash. I will be using cashe to by the rest of the gift. I got my brothers gift on New years eve last year for 24 cent !!! My two Nieces I got their gift the same place for 30 cent a piece!!! My daughter I put her items on layaway and will make payments when I get my check. So the beginning of Dec. I will be getting her items out. Everyone else get a picture of me and my daughter and a card.
Pray
November 2nd, 2009
2:45 pm
I have no intention of breaking out the credit cards during this holiday season. It’s unfortunate that I also have birthdays I have to keep in mind during the Christmas season. I have been saving for Christmas since August
. So when the time comes…no need to mess with my regular funds.
Chris T
November 2nd, 2009
3:06 pm
Coupon Diva where and what did you get for 24 and 30 cents?
mystery poster
November 2nd, 2009
3:42 pm
Well, I have an old-fashioned Christmas Club. My bank puts aside money directly from my paycheck each month into the account. I will use a paid-off credit card for convenience and to track purchases, then pay off the whole thing with my Christmas Club money.
Betty
November 2nd, 2009
3:54 pm
I usually go over board for my three grandchildren, but not this year, they will be only receiving things, they really need , like cloths, let there parents spend there money on toys. I will buy them educational toys, maybe books, but that will be it and I will use cash, We have to live after the hoildays. I think Christmas has become to commerical anyway. I think we have forgotton the true reason of this hoilday, and this is so sad, that all we think about is spending money and what someone will think of us, if we don’t give gifts. we have lost the true meaning.
SteveO
November 2nd, 2009
3:54 pm
What is the difference if you pay your CC off at the end of the month?
Family Fun
November 2nd, 2009
3:58 pm
I giving my family member a lottery ticket this year. GOOD LUCK!!!
A.S.Mathew
November 2nd, 2009
9:27 pm
Credit card put me into serious problems for the second time. I will
never use a credit card, but going to live by the cash I have. Once it
was a “paid by cash” society, but recently it became a plastic card
society, but the trend is going to reverse to cash again. Here the
consumers are going to get rich and the banks are going to get into
financial crisis.
RH
November 3rd, 2009
10:26 am
SteveO – carrying around wads of cash after a visit to the ATM is extremely dangerous. I have a feeling that robberies and thefts during the Holidays are going to skyrocket knowing that most everyone is running around with cash in their pockets and purses.