Paying off credit cards and saving more money are the top resolutions for the new year
Only 12% of Americans who made financial goals for 2018 have resolved to buy a home, according to survey findings released by consumer website Debt.com.
Buying a home was tied in the lowest rank among Americans’ financial goals with buying a car and paying student loans. The survey found that Americans are prioritizing paying off credit cards (70%) and saving more money (67%) instead.
Meanwhile, 48% of respondents who made goals for the year are planning to spend less and budget more, 31% said they resolved to stop using credit cards, and 16% plan to start investing.
Debt.com surveyed 1,347 respondents and found that only about 77% said they have made financial resolutions for 2018.
The share of consumers planning to pay off credit card debt in 2018 reflects the biggest financial regrets they have from 2017. Forty-four percent of the respondents said their biggest regret was running up their credit card balances or maxing them out. Missing payments and damaging their credit score was a top regret for 23% of the respondents.
"Credit scores impact many aspects of life from mortgages and auto loans to getting hired at a job you're applying for, and in light of the recent data breaches, it is not surprising that credit scores are a major concern," Debt.co Chairman Howard Dvorkin said.
Other financial regrets from the past year include letting a debt go into collections (19%), draining all the money in their savings account (18%), making a big purchase on credit because it didn’t fit their budget (13.5%), using money out of their 401(k) or IRA (7.5%), and going overboard on a vacation so it cost too much (5%).
Twenty-three percent of the respondents said they do not have financial regrets from 2017.
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Buying a home was tied in the lowest rank among Americans’ financial goals with buying a car and paying student loans. The survey found that Americans are prioritizing paying off credit cards (70%) and saving more money (67%) instead.
Meanwhile, 48% of respondents who made goals for the year are planning to spend less and budget more, 31% said they resolved to stop using credit cards, and 16% plan to start investing.
Debt.com surveyed 1,347 respondents and found that only about 77% said they have made financial resolutions for 2018.
The share of consumers planning to pay off credit card debt in 2018 reflects the biggest financial regrets they have from 2017. Forty-four percent of the respondents said their biggest regret was running up their credit card balances or maxing them out. Missing payments and damaging their credit score was a top regret for 23% of the respondents.
"Credit scores impact many aspects of life from mortgages and auto loans to getting hired at a job you're applying for, and in light of the recent data breaches, it is not surprising that credit scores are a major concern," Debt.co Chairman Howard Dvorkin said.
Other financial regrets from the past year include letting a debt go into collections (19%), draining all the money in their savings account (18%), making a big purchase on credit because it didn’t fit their budget (13.5%), using money out of their 401(k) or IRA (7.5%), and going overboard on a vacation so it cost too much (5%).
Twenty-three percent of the respondents said they do not have financial regrets from 2017.
Related stories:
Lender issues Super Bowl challenge to homebuyers
Why some millennials will save for 27 years for a downpayment
