Credit Sesame Survey Finds Poor Credit Health Leads to Shame, Tears and Hurts Mental, Physical Health
New research from the leading financial health management company uncovers poor credit health is directly linked to negative affect on self-worth, relationships, physical health and overall quality of life
SAN FRANCISCO, Nov. 13, 2019 (GLOBE NEWSWIRE) — Credit Sesame, the leading financial health management platform, today announced new survey findings that reveal the toll poor credit health takes on mental and physical health for a majority of U.S. consumers.
The most striking results from the survey found that consumers desire good credit, so much so that 55% would give up sex for three months for an 800 credit score. They struggle with credit card debt because of common expenses like healthcare (32%), travel (29%) and shopping (27%). This leads to negative mental health consequences such as stress (82%), shame (40%), tears (25%) and even breakups (7%). Poor credit health even jeopardizes physical wellbeing, as almost two-thirds (58%) of respondents would take a rideshare to the hospital to avoid an ambulance fee.
As U.S. household debt climbs to a record $13.86 trillion, the findings clearly demonstrate that consumers must take control of their credit health for both financial and overall well-being. Fortunately for consumers looking to improve their credit and overall financial health, services like Credit Sesame share actionable insights to achieve their credit goals and support members at every step of their credit journey .
In fact, 61% of Credit Sesame members see their credit score improve within the first six months of using the platform. More specifically, 27% of Credit Sesame members see their credit score improve by over ten points in their first month, and 20% see their credit score improve more than 50 points in their first six months. A 50 point increase is a potentially life-changing event that impacts consumers’ overall financial standing and quality of life, and creates new opportunities for members and their families.
“As a debt-based society, credit health is key to financial health for most Americans and is the foundation for all aspects of our lives,” said Credit Sesame CEO, Adrian Nazari. “Ten years ago, most consumers with poor credit health had very few resources to improve it. But thanks to advances in data science and technology, companies like Credit Sesame are empowering consumers to boost their credit health and improve their overall wellness as a result.”
Additional key findings from the survey include:
Bad credit decisions are becoming the norm, despite consumers craving healthy credit
- A third of respondents haven’t paid off their credit card in over a year; 12% have never paid it off
- A third of respondents admit to drunk shopping (and 8% have gone into debt because of it)
Poor credit health leads to shame, stress, tears, and debt from retail therapy
- A quarter of respondents (25%) has cried over their credit card debt; additionally:
- 9% lost their home because of credit card debt
- 8% have broken up or gotten a divorce because of credit card debt
- 7% couldn’t get a job because of credit card debt
- 5% lost friends because of credit card debt
- Half of respondents (48%) use retail therapy to cheer themselves up, but one in five go into debt for it
Consumer response to medical emergencies is negatively influenced by credit concerns
- A third of respondents are carrying a credit card balance because of a medical emergency, and another third would carry a balance if an emergency happened
About Credit Sesame
Credit Sesame’s mission is to help consumers improve their credit health and ultimately create better opportunities for themselves and their families. Strong credit health is vital to everything from securing approvals for car and home loans to determining insurance rates. Credit Sesame’s approach to Personal Credit Management democratizes access to credit information and arms consumers with a personal roadmap towards credit health. Credit Sesame has already helped millions of members improve their credit scores, increase their approval odds, lower the cost of credit, and save money.
The Credit Sesame Credit, Physical, and Mental Health Survey was conducted by Researchscape (http://www.researchscape.com/) among 1,000 respondents, between July 26 to August 1, 2019, using an online survey.