COSTA MESA, Calif.,
Nov. 13, 2019 /PRNewswire/
-- Americans are taking proactive steps to keep their holiday
spending in check and making sure they're financially ready for
next year, according to an Experian national consumer survey. A
majority of those surveyed (84 percent) say they're motivated to
improve their finances this holiday season with 66 percent paying
for gifts in cash this year and 62 percent planning to pay off
debt. Almost half (46 percent) of those surveyed will try to
improve their credit score before the start of the new decade.
Holiday shopping puts a strain on consumers' finances
Many Americans agree that holiday expenses affect their finances
negatively (63 percent), and nearly two out of three feel stressed
about their finances during the season. However, Americans plan to
tackle their holiday spending challenge with some smart approaches;
many of those surveyed (65 percent) will set aside money for gifts,
while 52 percent will tighten their budgets to prepare for holiday
shopping. Looking beyond gift giving, 42 percent will start
financial planning to prepare for next year and beyond. Consumers'
top New Year's resolutions are saving more (49 percent) and
improving their credit score (33 percent).
Credit as part of a holiday spending plan
Whether to get the best credit card for holiday shopping or to
be prepared for future loan needs, Americans can now boost their
credit score instantly by using Experian Boost™. This is a free
tool that allows anyone to add positive payment history for utility
or telecom bills to their Experian credit report, possibly
increasing their FICO® Score 8 in real time. Consumers
who gain an increase average more than a 10-point bump. For more
information and to try Experian Boost, visit
https://www.experian.com/boost.
"Debt you can't repay will certainly bring down one's holiday
spirit," said Rod Griffin,
Experian's director of consumer education. "There's often the
temptation to overspend, but the best gift you can give yourself is
being financially smart. Make sure to create a budget and stick to
it while using credit wisely. The key is strategic use of credit —
whether that's using a card that provides low interest, rewards
points or cash back — to improve the shopping experience and
stretch your dollars."
The pressure of the holidays may cause some to make unwise
financial choices
Unfortunately, 60 percent of survey respondents say they spend
too much during the holiday season. In fact, despite being stressed
about debt, they'll still spend an average of $1,649 on gifts this year, compared to
$945 in 2018.
Additionally, the lure of deals is hard to resist; one in five
Americans surveyed would risk becoming a victim of identity theft
for a good Cyber Monday deal, and 56 percent would rather get a 10
percent discount at a store than improve their credit score by 10
points.
About Experian
Experian is the world's leading global
information services company. During life's big moments — from
buying a home or a car to sending a child to college to growing a
business by connecting with new customers — we empower consumers
and our clients to manage their data with confidence. We help
individuals to take financial control and access financial
services, businesses to make smarter decisions and thrive, lenders
to lend more responsibly, and organizations to prevent identity
fraud and crime.
We have 17,200 people operating across 44 countries, and every
day we're investing in new technologies, talented people and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global
content hub at our global news blog for the latest news and
insights.
MEDIA CONTACTS
Sandra Bernardo
Experian Public Relations
1 949 536
3676
sandra.bernardo@experian.com
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SOURCE Experian