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Wary holiday shoppers reaching for cash instead of credit cards

“With the economic situation and unemployment rising, more consumers will have to use their credit cards to weather these times and layoffs,” said Katsiaryna Salavei, Ph. D., assistant professor of Finance. “More consumers are stretched thin and have no choice but to use credit cards.” Salavei noted that research has shown that 43 percent of consumers are shopping at discount stores, the highest since 2005, because they’re looking for bargains.

Published in the Fairfield Minuteman on 12/18/08

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