Many Are Experiencing Gifting Worries This Season

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

Most People are Worried

The survey found that 68% 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% said they were “very worried.” 

Reduce Spending

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.

How Others are Managing

Here’s a look at other easy things people are doing to manage:

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

Spending Without Debt

While it’s fine to use a credit card to make holiday purchases:

• Stop Digging. Make sure you are not digging yourself a hole that you won’t be able to climb out of.
• Cost-Benefit Analysis. Before making credit card purchases, examine your benefits and use the card that will provide the most value.
• Plan Before You Buy. 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 to manage your debt load.