09 holiday spending, says expert
Tuesday, December 29, 2009 11:15 PM
Despite many consumers’ plans to avoid spending money on their credit card this holiday season, new research is showing that restricted lines of credit being implemented by creditors.According to Britt Beemer, the chairman of the polling firm America’s Research Group, restrictions on consumer’s credit lines may be responsible for a decline in sales during the November and December to $436.7 billion, 1.2 percent below the spending figures during the same months taken one year earlier, BusinessWeek recently reported.
ARG research found a noticeable decline in credit offerings has taken place in 2009 resulting in 10 percent more credit requests being denied than in 2008 while 37 percent of cardholders had their credit lines amended somewhat.
If not for the decline in credit, Beemer said that end of year sales in ’09 could have been a completely different story. Instead of a decline, he told BusinessWeek that sales could have climbed by 0.8 percent to $445.5 billion during that same time period.
The potential for a decline in sales will likely not sit well with retailers whom are already dealing with a decline in consumer spending for the third straight year. A recent study from Consumer Reports found the average consumer would spend $699 on holiday gifts this season, an average of $41 less than 2008 figures.
Recent News Articles
- Mortgage applications survey finds that fewer consumers willing to incur housing-related debt
- Government moves to broaden options for legitimate debt resolution options, stop scammers
- Revolving consumer credit falls, but overall numbers are up
- Report: Consumer attempts to reduce debt could be hampering economic recovery
- Report: Treasury Secretary warns world leaders that U.S. consumers look to reduce debt
Debt News Categories
About Debtmerica
Debtmerica is a leading debt settlement company that offers assistance to individuals and families who are experiencing financial difficulties and hardship.
We specialize in negotiated debt settlement to assist clients by reducing debt balances while providing an affordable monthly payment.
Our professional and knowledgeable staff has helped thousands of consumers get back on their feet financially.
Achievements
|
Debtmerica has had one vision since inception - to help Americans nationwide attain financial independence. At Debtmerica, we're proud of our achievements and honors. They represent our commitment to our vision and clients. |
|
|
|
|
A Secure & Trusted Site
|
Debtmerica is committed to providing a safe and secure site that you can trust. |
 |
|
 |