Prior to the holiday shopping season, most consumers said they would avoid taking on credit card debt when making their gift purchases. If sales figures from the weekend of Black Friday are any indication, the trend could even outstrip earlier expectations.
Consumers were so eager to avoid, circumvent credit card debt that only 16.3 percent of all purchases made on Black Friday weekend involved that type of payment, according to a report from USA Today. That's down from last year's total of 30.9 percent of all purchases, America's Research Group reported. Instead, consumers spent their money by using debit, checks and cash.
This shift away from credit card debt came even as consumers loosened up their purse strings in other ways, the report said. The National Retail Federation said total spending topped $45 billion, as the average shopper spent $365.34 – up from last year's $343.31.
Earlier polls showed that just over 27 percent of all consumers planned to take on credit card debt this holiday season, which is still expected to be an all-time low.