20% Of Americans Reluctant To Check Credit Card Statements As Interest Rates Rise – By Nicholas Morgan (International Business Times) / July 25, 2022
About one in five Americans are reluctant to review their credit card statements even as spending has rebounded since the start of the COVID-19 pandemic. This development arrives in conjunction with a tighter monetary environment as the Federal Reserve continues to hike interest rates to fight inflation.
In a report released by the travel website Upgraded Points, the company identified a set of behavioral inconsistencies in spending and saving habits after surveying about 3,500 Americans.
Most prominently, it found that about 20% of Americans were afraid to view their credit card statements for fear of seeing their high balances. This is despite the fact that the Upgraded Points study found participants turned to credit card spending to finance pricey purchases like vacations, automobile expenses, and electronics.
At the same time, it found that more than one-third of respondents possessed an inclination for instant gratification, relying on credit to purchase something they could not afford but did not wish to wait on.
