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What happens when you bring together the leading provider of consumer credit information with the premier think tank for public opinion research?
Experian has combined forces with the Gallup Organization to bring you the new standard in gauging current consumer confidence. The Experian-Gallup Personal Credit Index provides significant insights from today's consumers on key credit issues such as debt load, credit scoring, borrowing, and more. Best of all, the Experian-Gallup Personal Credit Index is updated every month, providing you with the inside track on how the U.S. consumer uses credit.
The latest Experian-Gallup Personal Credit Index public opinion poll finds that Americans tend to be more optimistic about their future credit situation compared to their current situation. But although overall consumer confidence about future expectations is high, they show concern about extending their debt load in the future — inaugural Experian-Gallup Personal Credit Index findings show one in five Americans cutting back on spending, highlighting the "pinch" of rising interest rates.
- 1 in 3 (or 33%) Americans report that their overall debt load has decreased over the past six months, with more than half (or 52%) planning to further reduce their debt within the next six months.
- Almost 3 in 4 (or 73%) Americans feel "confident" about their ability to keep up with their current loan payments.
- 80% of Americans believe their credit health will be "excellent" or "good" in the future, a significant increase over the 74% who believe they have "excellent" or "good" credit today.
Yet :
- Although 11% of Americans feel now is a "very good" time to borrow money, only about half that number (6%) expect this to be the case in the next 6 months.
- Roughly 1 in 5 (or 21%) of consumers have "cut back" on their spending in response to rising interest rates.
About the Gallup Organization
Renowned for its studies in measuring and understanding human nature and behavior, the Gallup Organization is dedicated to seeking the truth in conducting their objective opinion polls. Gallup employs many of the top scientists in management, economics, psychology, and sociology to provide insights in their public opinion research.
Methodology
The Experian-Gallup Personal Credit Index surveys a nationally representative sample of 1,000 or more respondents on core questions relating to their credit health. Issues will focus on perceptions based on their current and future debt load, credit score, borrowing, and repayment ability. Each month, the Experian-Gallup Personal Credit Index calculates respondents' ever-changing attitudes as it relates to their current credit situation and future expectations.
The margin of error for this study is +/- 3%.
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When Was the Last Time You Checked Your Credit?
- Almost half (48%) have never checked their credit report
- Less than a third (32%) have checked in the past year
1 in 5 Americans Feel The "Pinch" of Rising Rates
Impact of Interest Rates on Family's Spending
Most Are Unware of How Credit Can Affect Everyday Life
% Who (incorrectly) think the following are not potentially impacted by Credit Score:
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