Mr. Cooper Survey: Holidays Bring Spending Stress to Many Americans
December 06 2018 - 9:00AM
Business Wire
30 percent of Americans wish they could skip
the holidays rather than spend money on gifts this year
Yet respondents plan to spare no expense
getting their homes ready for the holidays — spending 10 times more
on remodeling than gifts this season
Mr. Cooper®, the nation’s largest non-bank mortgage servicer and
a leading mortgage lender, today announced the results of their
second annual holiday survey, highlighting the spending burden many
feel around the holidays. The survey uncovered concerns around
holiday spending, both on gifts and on getting their homes
holiday-ready. In fact, many respondents are more concerned with
making updates to their homes than purchasing gifts.
Concerns over debt haven’t gone away:
- 52 percent have some level of
credit-card debt with 44 percent saying it’ll take one to five
years to pay off.
- Despite debt being an issue, nearly a
third (33 percent) don’t put themselves on a budget each holiday
season, with 7 percent still paying off last year’s gifts, and 25
percent expecting to go into some level of debt from gift giving
this year.
What would consumers give up to solve their debt
problem?
- 30 percent wish they could skip the
holidays entirely rather than spending money on presents.
- Almost half (42 percent) would give up
receiving and buying gifts in order to pay off their mortgage
faster.
- Thirty-eight percent would tap into
their tax refund early to pay for presents.
“The holidays are a wonderful time of year, but unfortunately
for many Americans, the cost of gift giving and travel only
magnifies the significant pressure credit card debt continues to
play on their financial lives,” said Jay Bray, Chairman and CEO of
Mr. Cooper Group. “The silver lining for millions is that their
homes continue to be a source of wealth that can aid them in
strengthening their personal balance sheets while potentially
helping them find ways to invest in those sought-after home
renovations. At Mr. Cooper, we want to help our customers better
understand how their equity could benefit and provide them with
personalized tips to borrow responsibly and escape the cycle of
debt.”
A time of giving — to the home: Homeowners give themselves
the gift of renovations this holiday season:
- Nearly a third (30 percent) of
respondents plan on making home improvements before the holidays
begin ramping up. The average budget is nearly $6,000, which is 10
times more than what 82 percent of respondents planned on spending
for gifts.
- The top-three chosen updates were
painting the home’s interior (53 percent), upgrading the bathroom
(35 percent), and overhauling the kitchen (36 percent).
The Right Tools Can Empower Homeowners
The Mr. Cooper with Home Intelligence mobile app is designed to
provide valuable insights to help consumers better understand how
their home fits in the broader financial picture. The app provides
insight into how much their home is worth, how much equity they
have and how they can use home equity and refinancing options to
save money and get out of debt. Through easily accessible,
personalized information about their homes, mortgages and balance
sheets, Mr. Cooper with Home Intelligence helps homeowners simply
understand their options to save money and support their overall
financial goals.
To learn more about Mr. Cooper with Home Intelligence mobile
app, visit mrcooper.com/homeintelligence.
About Mr. Cooper
Mr. Cooper is the consumer brand for the mortgage servicing and
originations operation of Mr. Cooper Group Inc. (NASDAQ: COOP).
Based in Dallas, Texas, Mr. Cooper is one of the largest home loan
servicers in the country focused on delivering a variety of
servicing and lending products, services and technologies to make
the home loan process more rewarding and less worrisome. Please
visit www.mrcooper.com for the latest news and information.
Survey Methodology
The survey was conducted as part of Mr. Cooper’s mission to
better understand and better serve its customers. All figures,
unless otherwise stated, are from Researchscape International. The
total sample size was 1,083 adults. Fieldwork was undertaken
November 1-3, 2018. The survey was carried out online. The weighted
figures are representative of all U.S. adults (aged 18+).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181206005123/en/
Christen ReyengaMediaRelations@mrcooper.com
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