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WalletHub Press Release
78 million Americans say their finances are a 'horror show'
With Halloween just days away, consumers expected to spend $8.8 billion in celebration, and the economy looking increasingly tricky, the personal-finance website WalletHub today announced the results of its nationally representative Financial Fears Survey, along with its picks for 2019’s Worst Credit Cards to highlight scary offers that people should avoid this holiday season.
Below, you can find a handful of highlights:
- 78 million Americans say their finances have reached “horror show” status, including 34% of millennials and 16% of baby boomers.
- 213 Million Americans are planning on spending less on Halloween this year compared to last year.
- 177 Million Americans are fearful of a recession.
- 9 in 10 Americans agree that politicians prey on people’s financial fears.
- The worst credit cards charge annual fees as high as $995 and APRs up to 36%.
Q&A with WalletHub CEO Odysseas Papadimitriou
Why do so many people think their finances are a “horror show”?
“It’s startling to see that nearly 80 million Americans would go so far as to say their finances have reached ‘horror show’ status, as WalletHub’s latest survey found. But it shouldn’t be too surprising. For one thing, people have never been more inclined to use hyperbole. Financial literacy levels are also far too low. And more importantly, a lot of people are indeed struggling financially right now,” said WalletHub CEO Odysseas Papadimitriou. “Just consider the fact that consumers currently owe more than $1 trillion to credit card companies. That’s expensive debt, and if we don’t start to pay it down in a meaningful way, the horror show will get a lot worse, unfortunately.”
What’s the best way to avoid the worst credit cards?
“Fortunately, avoiding bad credit card offers is easier than ever these days because reliable product information, customer reviews, and comparison tools are more accessible than ever,” said WalletHub CEO Odysseas Papadimitriou. “Credit-card comparison websites like WalletHub have had a lot to do with that, as have post-Great Recession consumer protection laws like the CARD Act.”
Should Americans be fearful of a recession?
“There’s going to be another recession at some point. That’s always the case. But I don’t think there’s any cause for immediate concern. There’s a lot of surface-level noise creating uncertainty, sure. But the fundamentals are strong, and we should be in for another year of growth in 2020,” said WalletHub CEO Odysseas Papadimitriou. “But that does not mean people should get comfortable. Winter is coming, so to speak, so everyone should make sure to squirrel away as much savings as they can now.”
