WASHINGTON — The increasing cost of gas and home heating is the greatest single factor in consumers' holiday spending, according to survey results released by CUNA and the Consumer Federation of America today.

"By a wide margin, the strongest negative influence on holiday spending plans this year is the high cost of gasoline and home heating," CUNA Chief Economist Bill Hampel said during a press conference at the National Press Club this morning. "Thirty-eight percent of respondents said that high energy and gasoline costs would have a negative effect on their spending plans this year compared to only 32% who cited the same reason last year."

Historically consumer debt concerns have impacted consumer spending, CFA Executive Director Stephen Brobeck. "This year, given the mortgage meltdown and the continued escalation of credit card and payday loan and other high-cost debt, we would expect that more consumers are concerned about paying off this debt than last year," he said. However, what the survey found was that the "very concerned" fell from 15% last year to 11% this year and those "somewhat concerned" decreased from 18% to 13%. At the same time there was four-percentage-point-increase, from 32% in 2006 to 36% for 2007, in those "very unconcerned."