Around 42% of Americans did not make a large purchase last year due to COVID-19, according to a new WalletHub credit cards survey released today. The pandemic has left millions of people unemployed and forced people to reevaluate how much they can afford to spend.
Understanding consumers’ attitudes and choices regarding large purchases is particularly important at this time of the year, with bills from holiday shopping coming due and Valentine’s Day looming large.
- Maxing out is worrisome. 91 Million Americans fear maxing out their credit cards on large purchases.
- Men max out more. Women are about 7% less likely than men to have maxed out a card at least once.
- Age shapes our definition of “large.” Millennials are almost twice as likely as Baby Boomers to choose “over $100” as the benchmark for a large purchase.
- Spending permission needed. Nearly half of Americans have to check with someone else before making a large purchase.
A copy of the full report can be found at https://wallethub.com/credit-cards#survey.
This article was released by WalletHub.