According to a study conducted by myFICO, credit card debt continues to be consumers’ biggest financial worry as the new year approaches.
Nearly one third of respondents are cutting back on holiday spending and plan to practice conservative credit behaviors this year.
Only 20 percent will consider opening new credit card accounts, and approximately 65 percent expect to charge less than $500 on their credit cards – a figure that most consider moderate and within their budget.
[...] your big, credit-card bills from holiday spending. In fact, a survey done prior to the holidays by MyFICO indicates that credit card debt is a huge worry for most consumers stating, “¼ of survey [...]
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
>> About myFICO
[...] fret that shoppers will forgo holiday gift shopping, or drastically cut back on spending. However, a recent myFICO survey indicated that while folks plan to flex their credit cards this holiday season, most are planning [...]