Christmas Clubbers have cash - WALB.com, Albany News, Weather, Sports

Christmas Clubbers have cash

Posted: Updated:
  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Tifton schools get renovations

    Tifton schools get renovations

    Thursday, July 24 2014 11:10 AM EDT2014-07-24 15:10:57 GMT
    Eighth Street Middle School has new ceilings and renovated hallways, and  Matt Wilson is getting improvements too.More >>
    Eighth Street Middle School has new ceilings and renovated hallways, and  Matt Wilson is getting improvements too.More >>
  • 9-year-old raises funds for Flint RiverQuarium

    9-year-old raises funds for Flint RiverQuarium

    Thursday, July 24 2014 10:30 AM EDT2014-07-24 14:30:46 GMT
    The Flint RiverQuarium has more funds for feeding its animals thanks to the efforts of one 9-year-old girl.More >>
    The Flint RiverQuarium has more funds for feeding its animals thanks to the efforts of one 9-year-old girl.More >>
  • Metro Albany's jobless rate climbs .3%

    Metro Albany's jobless rate climbs .3%

    Thursday, July 24 2014 8:54 AM EDT2014-07-24 12:54:21 GMT
    Information from The Georgia Department of Labor- The Georgia Department of Labor says Metro Albany's unemployment rate increased to 8.7 percent in June, up three-tenths of a percentage point from 8.4More >>
    The rate increased because of seasonal factors, such as the summer job loss among non-contract school workers and temporary layoffs, primarily in manufacturing. There were 60,500 jobs in Albany in June, down by 300, or 0.5 percent, from 60,800 in May. Most of the loss came in state government and the service-related industries.More >>

By Karen Cohilas - bio | email

November 14, 2008

ALBANY, GA (WALB) - Retail spending dropped at its worst level on record last month. Simply put, Americans aren't shopping as much.

One infusion into the retail sector may come with those planning to buy Christmas gifts this winter, but even those who have planned ahead, may use some of that Christmas cash to cover other expenses like bills. 

With less than six weeks until Christmas Day, folks are eager to start shopping for the holidays.

Many, like Ken Faust, filed into the Artesian Federal Credit Union to pick up their Christmas Club checks Friday. "It's just an easy way to spend money for Christmas," Faust said.

Each pay period, money is automatically placed in a separate savings account, just for Christmas. But some of the money people have set aside for shopping this year, may instead be used to pay bills.

Steven Gilmer says most of the money he saved will go to buying gifts... but any leftover is going into savings. "I think most use the accounts to buy Christmas. That's not the only reason. Some people pay year end expenses, taxes, house insurance, things of that nature."

"The way the economy is going, people are trying to save as much money as they can and don't have the money to spend," Gilmer says.

And people may chose to spend less, because they are worried about their jobs.

"They're going to be hurting by this. Those that have the Christmas Club accounts, they'll utilize them to buy Christmas, most will, any spending in addition to that, I'm not sure. I'm just not sure at this point," says Ted Simpson, Artesian Federal Credit Union President.

Of course folks who didn't set aside money for Christmas spending this year, may decide to do very little shopping, hurting the retail sector even more.

Even those who planned on using credit cards to buy could be in trouble as credit lines have been cut.

Feedback