Forget holiday shopping -- consumers want to pay off debt

The new InvestmentNews.com

We've redesigned our site to make it easier for you to get more of the news and information financial advisers need most

Forget holiday shopping -- consumers want to pay off debt

New survey finds nearly 80% of consumers willing to forgo holiday spending in order to slash what they owe

By Lisa Shidler

December 1, 2009 10:46 am ET

Consumers are more concerned about paying down debt than shopping for the holidays, according to a survey released today.

Advertisment

An online poll of more than 8,500 consumers conducted in November via the National Foundation for Credit Counseling's website found that consumers are willing to forgo holiday spending in order to slash debt.

When respondents were asked what they would do with an extra $500, 77% said they would pay down existing debt, 14% said they'd put it in savings, and 7% said they'd use it toward holiday expenses.

Just 2% of survey respondents said they'd spend it on themselves.

The survey also found that 68% of consumers intend to pay for their holiday purchases with cash rather than credit cards.