WASHINGTON (11/25/14)--While the Credit Union National Association and Consumer Federation of America (CFA) annual holiday spending survey results released Monday showed that more Americans plan to spend less this holiday season than last year, in reality it isn't always the case that actions reflect intentions.
Mike Schenk, CUNA vice president of economics and statistics, said that only once in 15 years of the survey--in 2008 to be exact--did consumers cut back on holiday spending from the previous years--despite consumers' annual vows to themselves to cut back. (See related story: Who's buying? CUNA-CFA survey results suggest 3% to 3.5% bump in holiday spending.)
|CUNA Vice President of Economics and Statistics Mike Schenk and CFA Executive Director Stephen Brobeck give consumer tips on avoiding debt for the holiday season. (CUNA Photo)|
With that in mind--and with Black Friday looming--Schenk and CFA Executive Director Stephen Brobeck presented several tips for spending prudently and avoiding too much debt this holiday season: