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News Now

CU System
Ga study: 322% have no plan to pay off holiday debt
DULUTH, Ga. (1/9/13)--Nearly a third of consumers responding to a survey by the Georgia Credit Union Affiliates said they have no plan in place to pay off their 2012 holiday debt.  

When asked how they plan to pay off their holiday debt, 32.2% of respondents said they have no plan.

On the other side of the ledger, 28.4% of those surveyed said they plan to pay their holiday debt within six months. Another 6.1% would pay off their debt between six months and 12 months.

The 2012 Consumer Federation of America/Credit Union National Association holiday spending survey found that more consumers planned to spend more than they did last year, while fewer planned to curtail their spending this year (News Now Nov. 26).  The percentage of consumers who said they would spend more than last year rose from 8% to 12%. Those who said they would spend less declined from 41% to 38%.

In a report on spending during the first 32 days of the November-December 2012 holiday season, comScore reported $21.4 billion had been spent online, a 14% increase versus the corresponding days last year.

A November 2012 survey by the American Research Group indicated Americans planned to spend an average of $854 for holiday gifts.


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