The National Foundation for Credit Counseling released a survey this week that found that nearly seven in 10 consumers plan to pay cash for their holiday purchases this year.

“Plan,” being the key word there. The federation’s Financial Literacy Survey conducted earlier this year revealed that one-third of all Americans have zero dollars in savings.

“Further, the holiday season has historically been a time when many consumers piled new debt on top of old, some still paying for holiday spending from the previous year,” the NFCC news release said.

So are these survey responders just delusional?

Here’s what the NFCC says: “The implications of the October survey could indicate that Americans are well-meaning, but those intentions may not translate into reality when they hit the stores. With no savings and a lack of preparation for holiday spending, consumers will likely revert back to charging their purchases…if charging privileges are still open to them.”

On the other hand, there have been reports this year of people focusing more on saving after the 2008 recession rocked financial statements.

But everyone’s definition of “saving” can be different. To some it’s opening up a saving’s account, to others it’s not spending as much money. But will that translate to more responsible spending this holiday season, as it appears many intend to do? Or will adding to debt be the way of 2009’s shopping season once again?

Or…(gasp!) will we be getting — and giving — smaller gifts this year?