Out of 2,000 adults surveyed by the Harris Poll in March 2014, 61% admitted to not having a household budget in place. Thirty-four percent of households carry credit card balances over from one month to the next, and 15% of those balances are higher than $2,500 each month.
Carrying balances can lead to poor credit, yet more than half (60%) of adults haven’t looked at their credit score in the last year. While credit scores have traditionally been more difficult to obtain than a credit report, two-thirds of respondents haven’t even looked at their credit report in the last 12 months. And 54% of those taking the survey believe that credit reports contain credit scores, which they do not.
Credit reports from each of the three major credit bureaus—Experian, TransUnion and Equifax—are available free once a year from www.annualcreditreport.com. Credit scores are available on the monthly statements of certain credit cards, and for a fee from FICO or any of the credit reporting bureaus.
Not enough savings
The same number of people were worried about not having enough savings for retirement (16%), as the number that were concerned about not having enough money set aside for an emergency.
But even though people cited lack of savings as one of their biggest worries, they also said they have not cut back on spending. In 2009, 57% said they spent less during the current year than the previous one. In 2014, that percentage dropped to 29%.
If your money could talk
When asked what grade they thought their knowledge of personal finance deserved, not many made the honor roll. Forty-one percent gave themselves a C, D, or F for their money knowledge. But the rest (59%) felt more confident, giving themselves an A or a B in personal finance.
The poll also asked what people thought their money would say if it could talk. Only 5% thought their money felt abandoned, and 8% said their money would probably ask why it was being neglected. Sixteen percent thought their money would give them a lecture and answered that their money would say, “Get your act together and focus on me for a change!”
Twenty-one percent thought their money would say it feels smaller than its friends, but another 21% thought their money would say it felt loved and nurtured. And 37% felt their money would say, “we’ve been a successful team.”
The Harris Poll was conducted on behalf of the National Foundation for Credit Counseling (NFCC).
Read Also Related News
If you’re trying to plan for your financial future, you are probably trying to balance a few different priorities. Putting money aside for retirement, managing any investments you may have, and paying off debt are just a few of the...
A new report has good news and bad news about savings in America. The good news is that the percentage of people without an emergency savings fund is at a six-year low, down to 24% from 28% last year. The bad news is that nearly a quarter...
It’s an oft-quoted statistic that about half of all marriages end in divorce. But less talked about is the reason why many of these marriages fail. A new survey by credit bureau Experian sheds some light on the subject and reveals that...
I need a credit card with a 0% APR to consolidate several of my credit cards into one payment. Please advise what card I can apply.
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...