Along with physical fitness, Americans are looking to celebrate a debt-free holiday, according to a new survey from the Certified Financial Planner Board of Standards. Only 1 in 5 of consumers surveyed said they will go into debt for yuletide purchases. And of those who say they are going to borrow a bit for holiday gifts, 69% expect to take on $500 or less in new debt, with the majority adding $200 or less.
"Each holiday season, financial planners feel some anxiety as our clients begin to splurge on gifts for friends and family," says CFP consumer advocate Eleanor Blayney. "We can't help but worry what this spending today will mean for their long-term financial goals, from saving to buy a new home or preparing for retirement. This survey suggests that Americans are aware of the importance of thinking about their holiday spending within the context of their overall financial life." Read more >
Hal M. Bundrick
December 12, 2013