In contrast to previous years during which consumers cut back on how much they were spending for holiday gift shopping due to the economy, people are looking to spend more this year, a new survey indicates.
According to online banking company ING Direct, approximately 75 percent of consumers said they plan on spending the same amount or more on Christmas gifts this year than they did in years past. In addition, 71 percent said they were equally or less worried about how spending more would impact their finances.
"With an increase in seasonal spending expected, shoppers have a positive outlook about their finances as the holidays quickly approach," said Arkadi Kuhlmann, president and CEO of ING Direct. "Recognizing the value of long-lasting gifts and proper budgeting throughout the year should allow consumers to spend sensibly without putting them in debt for the New Year."
When consumers are reviewing their financial histories after purchasing items for Christmas, they may encounter inaccurate or unfair credit marks that suggest they haven't paid for something when they actually have. Individuals should have these addressed with a credit repair organization so that they don't adversely impact their credit scores.