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More CU members plan to pay for holiday gifts with cash
ATLANTA (11/20/09)--More credit union members plan to pay for their holiday gifts this year with cash instead of credit, a Georgia Credit Union Affiliates (GCUA) holiday spending poll indicates. GCUA polled 1,000 credit union members statewide. About 76% said they plan to pay for all or most of their holiday purchases with cash, and 12% said they will use a credit card (PR Newswire Nov. 17). Roughly 52% of members said they also plan to spend less on holiday gifts than they did last year, while 45% said they will spend the same as last year. Only 3% said they will spend more, GCUA said. Of those polled, 59% will spend less than $500 on gifts, 31% plan to spend between $500 and $1,000, and 10% plan to spend more than $1,000. The results of GCUA’s poll match findings from another recent poll that indicated 46% of Georgians are spending less compared with one year ago. Forty-one percent said they are spending the same, and 13% said they are spending more. “Clearly, Georgians are concerned about their financial well-being, so they are looking to spend money more vigilantly than in previous years,” said Mike Mercer, GCUA president/CEO. “It’s one thing to spend money, but it’s another to spend money wisely. While Georgians spend money to enjoy the holiday season, they’re not going to take on more debt to do it. Instead, they are looking at their finances with an eye toward the future.”
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