The holidays are notoriously linked with rising debt levels as people succumb to the pressure of buying the perfect gifts and planning memorable family vacations.
A survey by the National Retail Federation of over 7,000 shoppers found that 43% of shoppers plan to primarily use debit cards to make holiday purchases, the largest share since 2013. Meanwhile, 38% of respondents said they'll primarily use credit cards, the smallest share since 2015. The remaining shoppers planned to make purchases using cash or by writing checks.
LendingTree chief credit analyst Matt Schulz suspects that a lot of people who aren't paying with credit cards"don't trust themselves not to overspend" and are trying to avoid piling on more debt. They're likely already struggling with inflation and"the last thing they want to do is put more money on the credit card and dig their hole deeper," he said.
This year she's mainly using a debit card to help her avoid last year's mistakes."If I don't have the money I'll just find a different gift."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Experts urge holiday shoppers to use credit instead of debit cards when buying onlineWhether you’re looking for holiday deals or scrambling for a last-minute gift, ‘tis the season to online shop. Consumer Investigator Rachel DePompa explains why the FBI says stay away from debit and stick to your credit card for those online purchases.
Read more »
That's Not Junk Mail, It's Your Middle Class Tax Refund Debit CardIf you received an envelope that says “California Middle Class Tax Refund Card,” and it comes from Omaha, Nebraska, don't throw it away! NBC 7's danawilliamstv sorts through the confusion over these payments. 💵
Read more »
Fintech Company ZELF launches anonymous Visa debit card with crypto rechargeHolders of the Visa debit card will have the option of recharging their accounts through traditional electronic payments, money and wire transfers, and crypto payments.
Read more »
Class of 2023: Hagerty's top 10 classic cars to buy this yearTime to dust off the debit card—you'll need every penny for these future collectibles.
Read more »
Violent crime is down in Woodlawn this year, and Project HOOD's efforts are getting creditProject HOOD credited for Woodlawn violent crime drop
Read more »
Blackstone's credit fund reaches withdrawal limitBlackstone Inc said redemptions from its $50 billion non-traded business development company reached its pre-set limit for the first time but investors were still allowed to cash out on their investments.
Read more »