Conservative Credit Card Spending Projected for Holidays
Credit card debt will still be the biggest financial worry for consumers in the new year, according to a new myFICO survey.
The survey showed that almost a quarter of respondents said they will need more than three months to pay off their 2012 holiday expenses, compared to 18 percent in a similar survey conducted in 2010.
Spending on credit cards is expected to be somewhat conservative as nearly 65 percent of those surveyed will charge less than $500 on their credit cards. In addition, 80 percent of consumers will use less than 25 percent of their credit limit. One in five people will consider opening a new credit card account during the holidays.
Nearly half of the respondents said they will use credit cards for all holiday purchases.
myFICO is the consumer division of FICO.