San Francisco, CA | January 14, 2014
Is 2014 the year you plan to start tackling credit card debt? If so, you’re not alone. Most Americans with credit card debt are serious about paying it off, and most plan to tackle it in 2014, according to a new survey by Credit.com — Americans and Credit Card Debt. Among the findings:
The 2014 Americans and Credit Card Debt Survey was conducted among 2,223 adults online Jan. 1-9 on behalf of Credit.com. Of 55% of survey respondents who said they have at least some credit card debt, more than half (51%) said it is “extremely important” that they have a plan in place during 2014 to get out of credit card debt, while another 21% said it is somewhat important, and 9% said it is moderately important.
“With the holidays just behind us, this is the time of year when many of us begin to come to terms with the debt we’ve taken on, and that’s a good thing given the serious impact debt can have on our credit and our financial lives in general,” said Adam Levin, Chairman and Co-Founder of Credit.com. “This new data indicates that people aren’t taking their debt responsibilities lightly.”
Most of those surveyed aren’t going to wait too long to start chipping away at those balances. More than two-thirds of respondents (68%) report it is “extremely likely” that they will start to pay down their debt in 2014, and another 17% say it is somewhat likely. Few plan to do nothing this year; in fact, only 6% say it is either somewhat or extremely unlikely that they will be able to start paying those bills back.
More important takeaways from the 2014 Americans and Credit Card Debt Survey:
Join us for an upcoming discussion about the findings of this survey and to help consumers jumpstart their efforts to become debt-free in 2014 on Twitter. Credit.com and Yahoo! Finance will be co-hosting a Twitter chat Tuesday, Jan. 14 at 6 p.m. ET/3 p.m. PT to discuss. Participants will be able to share their experiences with debt, ask a panel of experts questions about paying off credit card debt, and win prizes. The hashtag for the event is #debtfree2014.
Credit.com is a trusted source of financial information for consumers. Founded in 1994, and run by leading credit & money experts, Credit.com offers the latest news, advice, and free, easy-to-use tools to help consumers gain valuable insight, save money and make smarter financial decisions. Its flagship product, the free Credit Report Card, has been recognized as an innovative consumer finance tool by CNN, Wall Street Journal, Fast Company, and others.
To learn more about Credit.com’s Debt 2014 Survey, the upcoming Tweet-chat or other issues related to credit, debt and personal finance in general, please contact Michael Schreiber at michael(at)credit(dot)com.