A new credit card study released by TransUnion, who is one of the three major U.S. credit card bureaus, shows that almost two in every three American’s worry about money.
A survey showed that 65% of adults in America feel stressed about money and finances most, if not all, of the time.
The survey, which was commissioned by TransUnion and was carried out by Zogby International, was a part of “National Financial Literacy Month.”
As a result of the study, TransUnion has aimed to educate consumers about their personal finances and credit management in order to alleviate some of the stress felt when it comes to money matters. The idea is to empower consumers by giving them access to the tools and the information they need to handle personal finances and credit cards.
While it comes as no surprise that the majority of American adults worry about their finances after the recession, the overall findings of the survey are not very optimistic for the future. Twenty-one percent of the adults surveyed said they always felt stressed by the state of their finances, 44% were sometimes stressed about money, and 28% were rarely stressed.
Only 6% of American consumers surveyed said they were never stressed about money and finances. TransUnions’s director of education for consumer products, Heather Battison, said that:
With today’s changing and turbulent economic conditions, it is easy for consumers to become worried or confused about how to manage their finances. Rather than get stressed out over financial worries, consumers should take the opportunity during Financial Literacy Month to make sure they know the basics of achieving healthy credit and personal finances.
She believes that consumers should take the responsibility and educate themselves with practical knowledge which will ease their worries. This is very sensible advice, especially when you take into consideration that a 2010 study conducted by TransUnion showed that a staggering 57% of American consumers did not follow any kind of budget.
TransUnion are urging consumers to pay their bills on time each month, check their credit reports on a regular basis, manage debts and give themselves time to establish a long history on paying on time in order to build up a healthy credit history.
They also recommend avoiding making multiple enquiries and applications in a short time frame as this can be interpreted as opening several credit accounts due to financial difficulties, making it less likely for lenders to approve credit when you really need it.
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