Bloomington, Ill. -- Six in 10 (61%) holiday shoppers this year plan to use cash, check or debit card to pay for most of their holiday purchases. Just 29% say they will use credit, according to the latest Country Financial Security Index.
Americans are more likely to have four or more credit cards (22%) than they are to have no cards at all (18%). However, the prevalent use of cash could be a result of Americans' unwillingness to take on debt, as survey results show more than half (56%) say they are not willing to take on any debt for their holiday shopping, another 26% say they are willing to take on debt of less than $500 and only 15% say they would take on $500 or more in debt.
In comparison to other income brackets, those earning $200,000 or more annually are the most likely to use credit to pay for their holiday purchases (48%). This is at least 7% higher than any other income group.