A recent Country Financial Security Index survey shows that the majority of Twin Cities shoppers want to stay debt-free for the holidays
Thanksgiving, Black Friday, and Small Business Saturday (and the many sales in between) are right around the corner, and shoppers are getting ready to take full advantage of local deals. But most Twin Cities consumers will reach for cash instead of credit this year, according to a recent survey.
The latest Country Financial Security Index shows that 67 percent of Twin Cities residents plan to use cash, check, or debit card to pay for holiday purchases. According to Country Financial - a national company that works to offer Twin Cities residents various insurance and financial services - 52 percent of Twin Cities residents say they are not willing to take on any debt for their holiday shopping while 29 percent are willing to take on debt of $500 or less.
"As Americans gear up for the holiday shopping season this year, it's encouraging to see they seem to be considering the bigger financial effects of their spending," Joe Buhrmann, manager of financial security support at Country Financial, said in a statement.
While residents will work to use cash, some data shows that they'll still spend half of their holiday budget on Thanksgiving sales. The Georgetown Institute for Consumer Research announced last Thursday that 63 percent of consumers "will use a combination of online shopping and in-store shopping to complete their [holiday present] list."