Survey: Holiday Spending to Plummet

Black Friday is just a few days away and a new survey shows that consumers plan to spend less this holiday season than ever before.

Alex Cohen talks with Bill Hampel, chief economist of the Credit Union National Association, about the survey results. We then hear from people in Los Angeles about their holiday spending plans. Madeleine Brand also talks with Ed Mierzwinski, an analyst with the Public Interest Research Group, about how Americans are using credit cards to cope with higher costs of living.

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