Americans shy away from credit, according to a poll
Having learned a painful financial lesson from the financial crisis, Americans are less likely to fund their lifestyles with credit, according to a new survey.
Having learned a painful financial lesson from the financial crisis, Americans are less likely to fund their lifestyles with credit, according to a new survey.
According to a Harris Interactive Inc. survey, 64% were less likely to take out a loan, and 33% were using credit cards less often.
Fully 45% of 40- to 49-year-olds and 41% of 50- to 64-year-olds said they used credit cards less in the previous six months. In addition, 41% of those earning $75,000 or more were using their credit cards less than in the past.
While saving money is a challenge, when investors are able to squirrel away a few dollars, they are selecting so-called safe havens, according to the survey.
A full 30% of those surveyed reported they had no retirement savings, and 22% said they had no personal savings, the survey found.
When they were able to save, 21% of those with personal savings and 10% of those with retirement savings reported they had added bank savings accounts and certificates of deposit to their portfolios in the previous six months, the report said.
Harris Interactive of Rochester, N.Y., conducted the online survey of 2,681 U.S. adults May 11-18.
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