More consumers are taking steps to protect themselves from falling into deeper debt this holiday season.

In a recent survey by the Consumer Federation of America, 55 percent of consumers said they were planning to "somewhat" reduce this year's holiday spending, while 27 percent said they would spend "much less than last year."

The organization noted that between 2003 and 2007, only about a third of consumers surveyed said they planned to reduce holiday spending.

"More (consumers) say they plan to cut back their spending this year than at any time in the nine years we have been doing this survey. As a result, we may see an actual decline in holiday spending for the first time in many years," said economist Bill Hampel.

The survey found that women (62 percent) were more likely than men (48 percent) to be planning spending cutbacks. Many of the consumers also said that they were at least somewhat concerned about meeting their monthly debt payments this year, with 23 percent saying they were "very concerned."

The CFA teamed up with the Credit Union National Association to offer some tips on saving money this season.

Some of the tips included keeping to a budget and shopping list, comparison shopping, cutting costs with potluck meals and drawing names for gifts, and paying in cash instead of credit. Some consumers determined to avoid using their credit cards this season can also explore options like short-term loans to meet their holiday needs.

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