BadCredit.org, the ultimate resource for those with bad
credit, uncovers credit management and financial struggles.
GAINESVILLE, Fla., Sept. 27,
2024 /PRNewswire/ -- A new survey conducted
by BadCredit.org, a leading financial resource helping
those with subprime credit make informed decisions to brighten
their financial futures, found that 27% of respondents do not
review their credit report at least once a year. The study captured
insights from 500 adults in the United
States and sheds light on their understanding of financial
concepts, credit management practices, and how they are navigating
the current economy.
"This latest survey reveals a concerning number of Americans are
not practicing financial wellness or keeping up with basic
financial habits such as credit management," said Erica Sandberg, a consumer finance expert with
BadCredit.org. "Financial education often takes a backseat in our
society, which leads to learning about the fundamentals, and how to
handle tough situations once we're already in trouble. In fact, not
checking your credit score may seem minor but it can lead to bigger
problems, including missed opportunities to improve your financial
situation or a chance to address issues as they arise, like
fraud."
Survey Results Highlights:
The survey found common
areas where respondents had little to no knowledge about
foundational elements essential to a healthy credit score, in
addition to how they are navigating the current economy riddled
with high interest rates and inflation. Key findings include:
- Low Credit Utilization: Nearly 26% of respondents
do not know the benefits of maintaining a low credit utilization
ratio on their credit cards. The findings illustrate an opportunity
for individuals to seek additional education on the benefits and
pitfalls of credit card usage.
- Tackling the Cost of Living: As the cost of living
continues to increase, 75% of respondents revealed they have
reduced their spending, and nearly 41% admitted to withdrawing from
savings to keep up. This response further emphasizes the financial
sacrifices and pitfalls consumers are making to stay afloat in
today's economy.
- Financial Pivoting: Nearly 72% of respondents
revealed that the current state of the economy has made them pivot
their financial plans or goals. The finding shows that a
significant number of Americans have reassessed or veered off the
path of their financial journey during turbulent times.
"The findings of this survey should serve as an opportunity;
rather, than a sign of discouragement," said Bobbi Rebell, CFP® and personal finance expert
at BadCredit.org. "The bottom line is we can learn something new
about money each day, and it's encouraging to see how much
opportunity exists to help others make better-informed decisions
and determine the right next steps so they can get back on track
with their financial goals – especially in today's economy."
The latest study uncovers the need for financial education on a
range of topics, above all the basics of credit management
practices and staying informed on credit scores. BadCredit.org
provides those with subprime credit expert insight from their panel
of financial experts and resources so they can inform themselves
and make the best credit decisions for their financial future. To
learn more, visit www.badcredit.org.
About BadCredit.org
BadCredit.org is a leading
financial resource dedicated to helping individuals and families
make informed financial decisions. Through comprehensive research
and expert advice, BadCredit.org provides valuable insight on
personal finance, credit, and consumer advocacy. For more
information, visit BadCredit.org.
Media Contact
Interdependence for BadCredit.org
Laura Waldron
(412) 889-4928
383987@email4pr.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-survey-finds-nearly-30-of-us-adults-dont-check-credit-score-annually-302260600.html
SOURCE BadCredit.org