AUSTIN, Texas, Jan. 9, 2023 /PRNewswire/ — Upgraded Points had share the results of a current survey that digs into the expenditure habits of average Americans, from credit card spendings to how many people can managed to saved over the last year even though inflation is rising. The study looked at credit card transactions, age/gender of cardholders, frequency of use, banks most cardholders use, card benefits, how often cardholders miss for the payments, and other interesting financials product.
Method of Study
Upgraded Points surveyed for 1,000 American people from various demographic and socio economic groups, asking queries on topics superbing from credit card transaction, saving and budgeting habits, which all the purchases should be detained due to lingering debt, and more.
The private finance experts also created an interactive calculator that allows users to look exactly what they can grant to purchase if they had the cash-on-hand equivalent to their debt. From small regale like cocktails and coffee to tolerant luxury expenditure such as two-week trip to Europe or a new car down payment.
Inflation Takes a Huge Victim – American Debt Story
“Most financial professionals agree that everyone would be better to have at least six months of expenses be saved to cover any emergencies,” Upgraded Points founder, Alex Miller said. “For an instance, if your personal expenses total $3000/month, you must have at least $18,000 in your savings to back you up any minute. Sadly, many American citizens aren’t even close to having that much money put aside. Our study disclosed that 32% of American people have less than $500 in their savings bank account.”
This survey also found out that almost half of all American people are falling deeper into their debt ; especially with the effect of inflation impacting many aspects such as gas, grocery, rent, and many other expenses. More than 21% of those surveyed stated that they cannot keep any money at all due to the increased fees of inflation.
Other study results showed that:
- 17% of Americans are not saving because their salary just enough to take them live by.
- 23% of Americans try to calculate but do not succeed.
- 21% of Americans do not guided by any budget at all.
- 73% of Americans are stressed about their own financial situation currently.
Financial problems affecting the group of younger adults the most, with 80% of 25 to 34-year-olds reporting that money problems was a huge stressor in their mind. 24% of those surveyed reported that they are having a second job to help pay off their debts, while another 19% are still considering doing so as well.
The Good and The Bad from Credit Card Debt
- 44% of Americans were at the age of 22 or older before they got their first credit card.
- Most American people have credit cards with either Capital One or Bank of America.
- 43% of men use credit cards as their first in mind form of payment which is far more than women.
- 47% of those surveyed recognized that credit cards were the most general source of their debt.
“Acquiring necessary credit card debt that go beyond your financial limits could cause some dangerous financial consequences. Nevertheless, when the usage can be managed properly, credit cards can be a helpful financial tools. It become easy to forget just how useful credit cards are for preserving and improving your credit score,” said Alex Miller. “And most of the credit cards have a huge range of incentives like cash-back rewards, reward points, and sign-up bonuses that can be used for premium flight ticket, hotels and even special occasions like exclusive wine tastings and premium tickets to major sporting events.”