CompareCards Survey Finds Americans More Focused On Losing Debt Than Losing Weight In 2019
CHARLOTTE, N.C., Jan. 9, 2019 /PRNewswire/ -- Americans would rather knock down their debt than shed pounds in 2019, according to a new survey from CompareCards.com.
CompareCards asked Americans whether either of these two popular New Year's resolutions – losing weight or losing debt – was a top priority for them entering 2019. Given that both debt and obesity are significant problems facing millions of Americans today, it's encouraging that 75 percent of respondents said one of these issues would be a top priority for them.
Key findings:
- Losing debt is a bigger priority than losing weight. More than 4 in 10 Americans (41 percent) say losing debt is a top priority in the new year, while 34 percent said losing weight would be their primary focus.
- Millennials and Generation X are most focused on bringing down debt. Nearly half of millennials and Gen Xers (both at 47 percent) said debt was their top priority. Just 34 percent of Boomers, 31 percent of the Silent Generation and 29 percent of Generation Z said the same.
- Men are less likely to make either weight loss or debt reduction a priority. A third of men (33 percent) said neither losing weight or losing debt would be a top priority of theirs in 2019. That compares to just 19 percent of women. However, the most common response for both men (38 percent) and women (43 percent) was that losing debt would be their main priority.
- Wealthy Americans are most likely to prioritize weight loss. Nearly half (47 percent) of people with $100,000 or more in income said losing weight is a top priority, versus 27 percent who plan to prioritize losing debt. Among those with incomes of $75K and up, more said weight loss was a top priority. Among those with incomes of $75K or less, more said debt loss was a top priority.
- Americans are not willing to spend much money to be healthier. When asked "How much are you willing to spend to lose weight/be healthier after the holidays?" just 15 percent said they'd be open to spending more than $100, while 43 percent said they don't plan to change their health habits at all after the holidays.
"Given that Americans' credit card balances are at record levels, it shouldn't be surprising that debt will be such a big focus this year," said Matt Schulz, Chief Industry Analyst at CompareCards. "If you are carrying a lot of debt, it's especially important to make 2019 the year you commit to finally knocking it down for good. With interest rates rising, that debt is only going to get more expensive and take longer to pay off, so don't wait."
Schulz continued, "Whether you're trying to lose weight or debt, the worst thing you can do is nothing. Take some action today — even if it's small — to get the ball rolling. Consider an intro 0% balance transfer credit card to help reduce any high-interest card debt you're carrying. Add an extra few dollars to those monthly credit card payments. Sell something of value to raise some extra income. It may not seem like much, but if you keep taking those small steps, they'll eventually lead to real change, and that's what it's all about."
To view the full report, visit https://www.comparecards.com/blog/americans-focused-on-losing-debt-vs-weight-2019/.
About LendingTree
LendingTree (NASDAQ: TREE) 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 refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My 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.
About CompareCards:
CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit www.comparecards.com.
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