Credit Card Data Breaches Didn't Alter Holiday Shopping
The rash of credit card breaches at major retail chains during the past year had a surprisingly low impact on holiday shopping, according to a recent survey by LowCards.com.
Only one out of six respondents (17%) said credit card breaches had any influence on how they paid for their purchases, and an almost identical number (15%) said these hacks affected where they shopped.
Some analysts thought consumers may be reluctant to use credit cards or shop at stores that had been breached. During the past 13 months, data breaches took place at major retail chains such as Target, Neiman Marcus, Sally Beauty, Michaels, Home Depot, Staples, Bebe and Kmart.
The survey also found that consumers seem to be doing a much better job on handling their finances:
* Just 30% of the respondents said they carry a balance every month compared to nearly half (49%) who said they completely pay off their balance every month.
* Nearly four out of five respondents (78%) claimed to have less credit card debt than they did a year ago.
* Only 23% charged more on their credit cards than they planned during the recent holidays.
* Less than 10% of those surveyed (9%) said they opened a new credit card account during the Christmas shopping period.
* 61% went into the holidays with a budget. Of those that did, nearly three out of five (59%) said they spent very close to that budgeted amount.
The nationwide survey was based on 420 respondents and performed from December 27, 2014 to January 2, 2015.