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Credit Card Holiday Spending Survey Offers Valuable Insights into Consumer Debtby Mike KillianFamily Credit Counseling Service has initiated what appears to be an annual questionnaire. This year's results are detailed in the 2005 Annual Financial Stress Survey. I encourage all readers to review this PDF file as it offers significant consumer insight. The survey was begun this time last year and will be conducted again in 2006. Its purpose is to gain a better understanding of why consumers are in debt and the affects of this debt. Over 1500 consumers online were asked 14 questions:
Among his other comments, Mr. McAuliffe referenced question 4 concerning financial fears. "The reason for the survey is trying to understand why consumers are in debt. The #1 fear of consumers (35.8%) was "not ever getting out of debt". Yet the #2 response (20%) was "not having any fears at all". Over 1/2 the respondents were at either one extreme or the other." He was also encouraged with the responses on question 11, "Will you be spending more or less this holiday season?". However, his remarks were guarded. "In the calm rational moments before the holidays, 60% of those surveyed said they would be spending less this holiday season. Unfortunately, quite often the euphoria of the season then takes over and consumers get caught up in the holiday shopping." In a press release and on the phone Heidi Barardi confirmed four in ten individuals have regrets about spending too much on gifts. A few suggestions were offered: "In addition to gifts, we spend money on wrapping, food, decorations and charitable contributions. To avoid regret when your January credit card statement arrives, start planning now."
Article Reprinted Courtesy of Cardratings.com 
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