Holiday Worries

According to a new report from US News, many Americans are feeling anxious about the holiday shopping season.

New Holiday Survey

The survey found that 68 percent of American adults are worried that they won’t be able to afford gifts this year. Almost half of the study’s respondents said that they are a “little” worried and 19 percent said they were “very worried.” 

Strategy for Worries

Of those who are worried about having enough money for gifts this year, the number one strategy for dealing with that obstacle was reducing other spending. Here’s a look at other easy people are coping:

• 27 percent will reduce spending in other areas so they can afford gifts.
• 25 percent said they will cut back “significantly” on holiday expenses.
• 19 percent said they plan to put purchases on a credit card.
• 16 percent said they will use buy now, pay later services. 

Spend Wisely

While it’s fine to use a credit card to make holiday purchases, make sure you are not digging yourself a hole that you won’t be able to climb out of. Before making credit card purchases, examine your benefits and use the card that will provide the most value. Crunch the numbers ahead of time so that you have a strategy in place to pay off the card completely. 

Do One Thing: Use credit cards wisely during the holiday season.