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LendingTree Survey Finds Cardholders Concerned by Inflation, Forcing Many to Rely More on Plastic
Wednesday, May 4, 2022
New LendingTree Report Finds 83% Noticed Negative Impacts on Monthly Budget
CHARLOTTE, N.C., April 26, 2022 /PRNewswire/ -- LendingTree®, the nation's leading online financial services marketplace, has published the findings of its latest survey of more than 1,200 credit cardholders examining the impact of rising inflation on Americans' wallets. According to the survey, 83% report inflation is having a negative impact on monthly budgets and expenses while 56% are relying on credit cards to make ends meet.
Key findings
-- 64% of credit cardholders say inflation is one of their top money
concerns.
-- 26% said inflation is their single-biggest concern.
-- Baby boomers are the most worried about inflation compared to other
generations.
-- 83% of cardholders are feeling the impact of inflation on monthly
budgets and expenses.
-- Gas is the No. 1 expense where consumers have noticed increased
spending (reported by 46%), followed by groceries (30%).
-- More than a quarter of Americans (28%) say their reliance on credit
cards has increased compared to this time last year. That is especially
true for those making less than $35,000 (36% increased their reliance on
cards), millennials (35%) and parents of young kids (33%).
-- 56% of cardholders say reliance on credit cards has increased.
-- 23% rely on credit cards to pay for necessary items like food and
housing
-- 33% who rely on their card to fund discretionary expenses.
-- Consumers who are already in credit card debt continue to rely on their
cards to make ends meet. And those who are already in credit card debt
are more likely to say they need their card to cover their monthly
expenses than those who aren't saddled with debt (71% versus 39%). Among
the indebted group, 39% said they increased their reliance on plastic
over the last year, compared with 15% who don't have credit card debt.
To view the full report, visit: https://www.lendingtree.com/credit-cards/study/inflation-credit-cards-survey/.
Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 1,260 credit cardholders, conducted March 10-15, 2022. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
About LendingTree
LendingTree is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree
MEDIA CONTACT:
Morgan Lanier
morgan@lendingtreenews.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingtree-survey-finds-cardholders-concerned-by-inflation-forcing-many-to-rely-more-on-plastic-301532381.html
SOURCE LendingTree
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