Cash trumps credit cards for holiday shoppers

LOS ANGELES: Fewer US shoppers plan to use credit cards to buy gifts this holiday season and the majority of them have yet to complete their gift buying, according to a new survey from the world's largest retail trade association.

Retailers are bracing for their worst holiday season in about three decades as consumers grapple with falling home prices, rising unemployment, harder-to-get credit and higher costs for necessities like food.

After years of using credit cards and home equity loans to support their lifestyles, holiday shoppers this year plan to use a greater proportion of cash to pay for gift purchases.