Some Still Paying Off 2011 Holiday Debt

What's Hot


The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

How a Mexican Tariff Will Boost the Cost of 6 Common PurchasesFamily

This Free Software Brings Old Laptops Back to LifeMore

How to Protect Yourself From the ‘Can You Hear Me?’ Phone ScamFamily

Report: Walmart to Begin Selling CarsCars

Is Your TV Tracking You? Here’s How to Tell — and Prevent ItAround The House

Trump Scraps FHA Rate Cut — What Does It Mean for You?Borrow

Where to Sell Your Stuff for Top DollarAround The House

11 Staging Tips to Help You Get Top Dollar When Selling Your HomeAround The House

8 Tuition-Free U.S. CollegesCollege

10 Overlooked Expenses That Ruin Your BudgetFamily

4 Car Insurers That Might Raise Rates Even When the Accident Wasn’t Your FaultCars

How to Invest If Trump Kills the ‘Fiduciary Rule’Grow

20 Simple Hacks to Make Your Stuff Last LongerAround The House

12 Surprising Ways to Wreck Your Credit ScoreBorrow

Instead of "self-gifting," many holiday shoppers might want to pay down debt.

More than one in 10 people who used credit cards to make holiday purchases last year are still paying off the debt, according to Consumer Reports

Since the economy tanked in 2008, half of those surveyed said they’re spending less than they did before the recession. Forty-seven percent have economized by buying cheaper gifts; 36 are purchasing fewer presents. Six percent have replaced store-bought items with handmade ones to save money. For the upcoming season, 37 percent of respondents said they intend to spend less than they did in 2011 (only 12 percent indicated they’ll spend more).

Budgeting will play a big role this year, too. Fifty-two percent plan to make a holiday spending budget. Hopefully, they’ll do a better job living within it. In 2011, one-third of the 41 percent who set a budget exceeded their spending limit; four percent went way over budget.

One problem that hasn’t disappeared is holiday debt. Half of shoppers charged gift purchases last year and 13 percent are still paying off credit card debt from those purchases.

The survey included 1,557 people.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 21 Restaurants Offering Free Food Right Now

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,823 more deals!