New survey by The Harris Poll and Lexington Law reveals that nearly two thirds of consumers plan to use cash for holiday shopping.
Salt Lake City, UT – November 20, 2014
More than half of American consumers are worried about credit card security, suggests a recent Lexington Law survey conducted online on their behalf by Harris Poll.
Lexington Law commissioned Harris Poll to survey more than 2,000 adults age 18 and older and ask specific questions about whether their credit cards have been breached, what types of payment forms they intend to use for holiday shopping, and their feelings regarding credit card security breaches in general.
While some blame credit card companies, most Americans (70 percent) believe that retail chains are at fault for credit card breaches. The survey also revealed that 65 percent of holiday shoppers say they have used or plan to use cash to pay for their purchases compared to 61% who plan to use credit cards this holiday season.
The study, conducted in late October, found that 51 percent of Americans who plan to use a credit card for their holiday shopping are fearful of being affected by security breaches. In addition, for one of every two people, the risk of identity theft due to a credit card breach outweighs the benefits and potential rewards of using a credit card to purchase gifts.
“After so many high-profile security breaches this past year, these kinds of consumer attitudes really aren’t a surprise,” said Randy Padawer, a consumer advocate for Lexington Law, the nation’s leading credit report repair provider. “What is surprising, and perhaps disconcerting for retailers, is just how many consumers say they prefer cash instead.”
Other interesting survey highlights: continue reading “One in Two Americans Who Plan to Use Credit Cards Are Fearful About Credit Card Security This Holiday Season” »