Over the past couple days, newspapers across the country have announced the onset of the holiday season with headlines like “Shoppers Set Spending Record” and “Black Friday Sales Break Records.” Apparently, the preliminary consumer spending numbers are in, and they point to a record Black Friday weekend for retailers.
But there’s one group of people who didn’t participate in breaking any records for spending: people who use ReadyForZero.
Yesterday we looked at the numbers, and it turns out our users added only 0.7% of new credit card debt since last Thursday. We can’t help but be a little bit proud about this, because after all, the whole point of signing up for ReadyForZero is to get serious about paying off your debt. And what better way to pay off your credit cards, student loans, or mortgage than by sidestepping the holiday spending trap?
On Twitter yesterday, people shared their strategies with us, including making a budget for December and sticking to it, creating a savings account early in the year for holiday gift purchases, and making sure not to bring credit cards into any stores this month.
Estimates are that over 100 million people will put an average of $1,000 in holiday spending on their credit cards this year. But our users seem to have successfully avoided the biggest spending weekend of the year, and that’s a testament both to their dedication and to our success in motivating them to stay on track with their plans.
We’re excited to see how this trend continues throughout December. With any luck (or should we say, persistence) our users will continue to stick with their plans and get closer to being debt free in 2012.
And if more people start using ReadyForZero, the retail industry might be a lot less enthusiastic about their sales numbers next year!