The recession is prompting more people to pay cash for their holiday gifts this year. According to a study by the market research firm Morepace, 40 percent of people plan to avoid using credit cards for any of their holiday gifts this year – up from 35 percent last year. For those making less than $50,000, over half plan to leave their plastic at home when gift shopping.
Given the fact that 13.6 million people are still paying off credit card debt racked up during last year’s holiday season, according to Consumer Reports, sticking with cash this year makes a lot of sense. What about you? Are there any changes in how you plan to pay for your gifts this year?
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