Consumers to spend more than $700 each for holidays

A new poll indicates that consumers plan to spend a considerable amount of money for holiday gift giving this year, but not quite as much as in 2010.

According to the National Retail Federation's 2011 Holiday Consumer Intentions and Actions Survey, individuals polled said they will spend approximately $705 this year on presents, down slightly from 2010 when the average was $719.

While the survey indicates less money will be spent among individuals, the NRF projects retail sales to grow 3 percent during November and December, totaling $465 billion.

"When it comes to retail growth this holiday season, slow and steady wins the race—and the same is true for shoppers, who are meticulously calculating the best ways to stretch their dollar," said Matthew Shay, CEO and president of NRF. He added that retailers will try to entice buyers by offering a lots of different discounts.

With credit being one of the more common forms of buying during the holiday season, consumers should keep track of their financial history and credit report, making sure there aren't any discrepancies that could adversely impact their credit scores.