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Credit Pacific Service Union by Aramando Duke - Financial Columnist

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Credit First Service Union According to the latest survey by the Cambridge Consumer Credit Index, 38% of Americans polled plan on using less credit than last year for holiday shopping.Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our business poll too!

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Card Credit Discover Service December 5, 2003 (Axcess News) Cambridge MA - According to the latest survey by the Cambridge Consumer Credit Index, 38% of Americans polled plan on using less credit than last year for holiday shopping.

The Equifax report lists the codes showing how consumers are classified when they don't pay their bills on time. Along with these numeric codes, a credit report can have a letter showing the type of credit, i.e., "R" for revolving (credit card) and "I" for installment (personal loan). The code for someone who always paid her credit card on time would be "R1." Here are the numeric codes.

Credit Public Service Union Last year 31% of Americans said they would use less credit over the holidays in their gift purchasing, 7% less than the Index's current poll.

Why carry Credit Cards when you can use Obopay Credit cards allow people to purchase items immediately, and pay for them later. Instead of having money removed directly from a bank account, as is the case with debit cards, a credit card purchase is paid for by the credit card issuer and the credit card holder pays back the issuer in full at the end of the month, or with interest added minimal monthly payments. Also, responsible use of credit cards helps in building a good credit history, which aids in attaining loans, insurance, and other important services from financial institutions.

Card Credit Processing Service In an announcement today Index spokesperson Jordan Goodman said, "The results of the Cambridge Consumer Credit Index show that more consumers plan to use less credit for Christmas shopping, implying that more will be making purchases using savings and cash. Consumers already burdened with credit card debt also have high hopes of paying off their balances in full when the bills arrive in January. However, Cambridge's experience with the Reality Gap shows that consumers usually underestimate their willingness to take on debt and overestimate their ability to repay it quickly."The Cambridge Index also asked consumers who plan to use credit cards this season whether they expect to pay them off in full when the bills arrive in January. 60% say they expect to pay off their balance in full, up from 58% a year ago and 55% in 2001. 36% expect to carry a balance on their credit cards for more than a month before they pay them off, unchanged from 2002, and down from 39% in 2001. Only 4% plan to pay off some cards and carry balances on others, down by 2% from 2002 and 2001.200320022001

Center Credit Service Union More credit card debt4%2%4%

Card Credit Service Wireless Less credit card debt38%31%30%

Credit Security Service Union About the same credit card debt29%31%31%Will not use credit card debt29%35%36%Repay bills in full 60% 58%55%

Credit Report Service Carry bills for more than a month36%36%39%Pay off some cards and

Blogspot Com Christian carry balance4% 6% 6%

Christian Counseling Credit Source: Cambridge Consumer Credit IndexIn December, 30% of Americans say they have taken on more debt, with 22% taking on a little and 9% taking on a lot more debt. Conversely, 70% of Americans have paid off debt, with 53% paying off a little and 17% paying off a lot.

Credit Federal Service Union The "Reality Gap," which is the difference between the amount of debt consumers say they will pay off in the next month versus the amount of debt they actually paid off a month later, narrowed by 5 percentage points to 7 points from 12 points in November. A month ago, 77% of Americans planned to pay off debt, while a month later 70% actually did so.

Credit Monitoring Service "The Cambridge Consumer Index survey shows that consumers are expecting to take on a great deal of new debt in the next month and six months, which is a sign of rising confidence in their economic future. Clearly part of the increase is seasonal since people take on more debt to buy holiday gifts. But with the Index rising to its second highest level in history, it is evident that consumer optimism is also spreading across America," said Goodman.

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