Trend is keeping holiday spending in check

The Record’s online poll from Nov. 16 -30 asked readers whether they plan on taking on credit card debt for the holiday season.

According to personal-finance website WalletHub, consumers are expected to spend as much as $1.1 trillion this holiday season, despite near-record credit card debt levels. The report also said 42 million people will apply for a new credit card for holiday shopping and 55 million people will have holiday debt into February, at least.

Gift buying, paired with enticing retail discounts and deals, can pressure holiday shoppers to spend more than they can afford, and as a result, consumers are likely to max out credit card limits or miss payments, negatively affecting credit scores.

The poll asking, “Do you plan on taking on credit card debt for the holiday season?” received a total of 71 votes, with the majority of votes – 92 percent or 65 votes – going to option “No, I plan on spending only what I can afford this holiday season.” Eight percent, or six votes, chose, “Yes, I plan on taking out a bit of debt to cover holiday expenses.”

A majority of poll voters are not planning to spend outside their budget this holiday season. Every week, the Record gives its readers the opportunity to voice their opinions on different topics. This poll does not, and does not purport to, accurately depict public opinion. It is only intended to inspire thought-provoking discussion within the community.

SMDR’s new poll is available online now, and asks for readers’ opinions on whether they think Cape’s Dam deserves special landmark status. It can be voted on now.