Credit cards offer plenty of perks, from rewards on every purchase to 0% APRs. But credit cards can also get us into trouble if we aren’t careful. Reducing debt and adopting sustainable spending habits are particularly important, so WalletHub decided to see how consumers are approaching those tasks.
We performed a nationally representative survey online. You can find the complete results in the infographic below, along with some key takeaways from WalletHub’s latest Credit Card Debt Study.
- More than 1 in 10 people plan to go on a spending spree when the COVID-19 pandemic is over.
- Almost 35% of Americans say that COVID-19 made it harder to get into serious credit card debt.
- Women are 37% more likely than men to feel stressed about credit card debt.
- 60% of Americans say that healthcare expenses are worth going into credit card debt.
- 66% of people will try to lower the interest rate on their credit card debt in 2021.
This report reflects the results of a nationally representative online survey of over 1,300 people.
After all responses were collected, we normalized the data by age, gender and income so the sample would reflect U.S. demographics.
Full Details Overall
|Will you to try to lower the interest rate on your credit card debt in 2021?|
|How long will it take you to be debt-free when it comes to credit-card debt?|
|Less than 1 year||40%|
|More than 2 years||23%|
|I don’t know||9%|
|Which worries you more: your own credit card debt or the country’s debt?|
|My credit card debt||67%|
|Do you have more or less credit card debt than you did 12 months ago?|
|Will you have more or less credit card debt by the end of 2021?|
|What type(s) of purchases are worth going into credit card debt for? (select all that apply)|
|Would go into CC debt for frivolous spending?|
|Which is better run right now?|
|Your personal finances||87%|
|The federal government||13%|
|Which are people worst at saving for?|
|Do you remember why you got into credit card debt?|
|How does credit card debt make you feel?|
|Which would you do to get out of credit card debt?|
|Go streaking in the winter||36%|
|Leave the country||9%|
|Change your name||9%|
|House arrest for a year||9%|
|Has COVID-19 made it harder to get into serious credit card debt?|
|Do you plan to go on a spending spree when the COVID-19 pandemic is over?|
Note: Percentages may not total 100% due to rounding.