Latest Plinqit Survey reveals top savings priorities for consumers
“Debt payoff can instill anxiety, especially during record inflation. High interest rates on debt like credit cards can quickly drain consumers’ budgets and be a barrier to saving.”
Plinqit’s State of Savings Report found that 42 percent of Americans say they are currently setting aside money to pay down their debt. The survey findings also show which types of debt Americans are prioritizing, with 30 percent of respondents saving to pay off credit card debt, 11 percent putting money away to pay down student loans and 18 percent saving to pay down other types of debt.
“Debt payoff can instill anxiety, especially during record inflation. High interest rates on debt like credit cards can quickly drain consumers’ budgets and be a barrier to saving,” said Kathleen Craig, founder and CEO of Plinqit. “Which makes it even more inspiring to see so many consumers recognize the importance of paying off their credit card and loan balances as quickly as possible to avoid getting trapped in this cycle of debt. And we believe financial institutions can help by offering the right products and services.”
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Check out the full press release published on businesswire.com