Khorafa.org

Khorafa.org

Temporary Tent Solutions and Rentals

Menu
  • Home
  • Categories
    • Commercial Lunch Tents
    • Commercial Tent structures
    • Construction Tent structures
    • Fabric Structures Tent
    • Temporary Warehouse Structures
    • Tensile Tent Buildings
    • Thermo Roof Air Systems
  • About
  • Contact
  • Privacy Policy

Credit cards keeping COVID-hit consumers afloat

May 27, 2021
 |  No Comments

Almost 4 in 10 Americans are still experiencing a hit to their income due to the coronavirus pandemic, and credit cards are a significant element of the financial mix keeping them afloat.

Credit cards keeping COVID-hit consumers afloat

A year ago, more than half of U.S. adults reported decreased incomes due to COVID-19, according to surveys by credit reporting agency TransUnion. And though that proportion has come down considerably, TransUnion’s latest survey shows 38% still say their income hasn’t recovered.

Of these respondents, about three-quarters (74%) indicate they are concerned about their ability to keep current on bills and loans. In fact, the average estimated amount of time until they run out of money to meet their obligations is just over four weeks.

One of the ways they’re making ends meet is with credit cards. Some are using more of their existing credit limits, while others are opening new cards to increase the amount of credit they have available.

See related: How to increase your credit limit

Essential reads, delivered weekly

Subscribe to get the week’s most important news in your inbox every week.

By providing my email address, I agree to CreditCards.com’s Privacy Policy

Your credit cards journey is officially underway.

Keep an eye on your inbox—we’ll be sending over your first message soon.

Overall, a fifth of U.S. adults with COVID-reduced incomes (20%) say they are using their existing card limits to help pay their bills and loans, while 15% reported opening a new card.

The youngest adults, Gen Z, are most likely to have opened a new credit card, with 21% indicating they had done so. Millennials are also opening new cards at a substantial rate, with 18% saying they’d opened a new card. However, among millennials the use of existing credit limits was significantly more common, at 25% of respondents.

As respondents with decreased income age up, they are more likely to say they’ll use their stimulus money to cover their bills and loans, and less likely to draw on cards, especially new cards. Only 7% of Generation X adults and 1% of baby boomers said they had opened a new card during the pandemic.

TransUnion’s survey is the 16th installment in its Consumer Pulse series. The nationally representative data were collected from Feb. 26 through March 1, and released March 18.

Source: creditcards.com

Tags: Account management, Breaking News, coronavirus, covid, covid-19, Credit, credit card, Credit Cards, debt management, Financial Wize, FinancialWize, Loans, money, News, Research and Statistics

Post navigation

← 14 High-Return Investments for When Interest Rates Are Low
The Best Financial Advice I Got From Mom →

Categories

  • Account Management
  • Airlines
  • Apartment Decorating
  • Apartment DIY
  • Apartment Hunting
  • Apartment Life
  • Auto
  • Auto Insurance
  • Auto Loans
  • Banking
  • Biohazard Cleanup Tips
  • Borrowing Money
  • Breaking News
  • Budgeting
  • Building Credit
  • Building Wealth
  • Business
  • Car Insurance
  • Cash Back
  • Checking Account
  • College
  • Commercial Lunch Tents
  • Commercial Real Estate
  • Commercial Tent structures
  • Construction Tent structures
  • Credit 101
  • Credit Card Guide
  • Credit Cards
  • Credit Repair
  • Crime and Safety
  • Debt
  • DIY
  • Early Career
  • Education
  • Estate Planning
  • Extra Income
  • Fabric Structures Tent
  • Family Finance
  • Financial Advisor
  • Financial Freedom
  • Financial Planning
  • Find An Apartment
  • First Time Home Buyers
  • Flood Insurance
  • Food Budgets
  • Frugal Living
  • Growing Wealth
  • Health Insurance
  • Home
  • Home Buying
  • Home Buying Tips
  • Home Decor
  • Home Design
  • Home Improvement
  • Home Loans
  • Home Ownership
  • Home Repair
  • House Architecture
  • Identity Theft
  • Insurance
  • Investing
  • Liefstyle
  • Life Hacks
  • Life Insurance
  • Loans
  • Luxury Homes
  • Money
  • Money Management
  • Mortgage
  • Mortgage News
  • Mortgage Rates
  • Mortgage Tips
  • Paying Off Debts
  • Personal Finance
  • Personal Loans
  • Pets
  • Real Estate
  • Refinance
  • Retirement
  • Saving Energy
  • Savings Account
  • Selling A House
  • Side Gigs
  • Starting A Family
  • Student Finances
  • Student Loans
  • Taxes
  • Temporary Warehouse Structures
  • Tensile Tent Buildings
  • Texas Basic Laws
  • Thermo Roof Air Systems
  • Travel
  • Unemployment
  • Unique Homes
  • Work From Home

Recent Posts

  • The 5 Perfect Color Choices for Your Next Door (and Why!) | Apartminty
  • What is Controlled Access?
  • What is a Pet Wash?
  • 7 Apartment Winter Maintenance Tips for Renters
  • What you should know about fixed-rate credit cards

Tags

All apartments Auto Budget Budgeting business Buy Buying Credit credit card Credit Cards credit score Debt Family Fees Finance Financial Goals Financial Wize FinancialWize Home How To Insurance job Life Lifestyle loan Loans Main money mortgage News Personal Personal Finance Popular Products Purchase rent retirement Rewards Save Money Saving savings Spending tips Travel

Home
About
Contact
Privacy Policy
Site Map

Khorafa
Home | Contact | Site Map
2019 Copyright. Khorafa
SKT Maintenance Services