Results of a newly released online survey conducted in November show that nearly one-third of consumers believe the economic downturn has yet to bottom out.

First Command Financial Services Inc., a Fort Worth, Texas-based financial services firm, commissioned Sentient Decision Science to compile the results of a survey of 1,000 U.S. consumers ages 25 to 70 with household incomes of at least $50,000.

Some 32% of consumers surveyed said they think the U.S. economy will continue to fall deeper into a recession. Some 67% of respondents said they plan to use cash to pay for holiday purchases this year, compared with 49% who plan to use credit. Some 25% of those who plan to pay for purchases with credit cards say they will use their cards "somewhat less" this year than last year. CardLine, a Collections & Credit Risk sister publication, reported results of the survey last week.

When asked about their general spending plans for next year, 40% said they plan to cut back on "excessive spending," while 35% plan to get out of debt, 29% intend to use cash or debit cards instead of credit cards and 25% plan to try living within their means.

"Americans have taken the lessons of this recession to heart ... They are looking to curb their spending and get out of debt," Scott Spiker, First Command CEO, said in a statement.

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