| make savvy decisions with financial tips and deals for|
college students | young adults | families | travelers | small business owners
Survey: Credit Cards Don't Cause Shopping Sprees
Read more about Holiday Shopping Trends: Save Money
Does the lure of your credit card ever compel you to go on a shopping spree, just because you can – at least until the bill comes – spend more money than you actually have? The answer may depend on your gender.
Nearly three-quarters (74.9%) of total respondents to a recent CreditDonkey.com survey said they have never gone on a shopping spree simply because they have a credit card. However, 30.7% of the females in our survey admitted a credit card has inspired them to go a spree.
The survey revealed other tidbits about perceptions of credit cards along gender lines as well. Overwhelmingly, when asked if they had applied for a credit card solely because another one is maxed out, 77.7% of all respondents said no. However, women were slightly more likely to do so.
As a group, our survey found that Americans are being more careful about their credit card use:
• 54.3% either pay a little more, pay a lot more or pay the balance in full every month.
And the majority (90.7%) of respondents is fully aware of how much their credit cards cost them. Costs of using a credit card include the interest rate charged on balances as well as fees, such as the annual fee, late payment fee, and the fee charged when cardholders go over their stated limit. Proper use of credit cards involves knowing how your card works, including keeping track of due dates and the grace period allowed before interest is charged.
The best way to use credit cards is to pay off the balance in full each month, as 24% of our respondents do. This way you can earn card rewards but avoid carrying a balance plus interest charges that build up debt.
CreditDonkey.com polled 1,105 Americans between September 17 and September 25, 2012.
More Articles in News
More Americans are looking for a good value this holiday season. This is driving consumers online as people expect benefits such as free shipping deals, convenience and more variety. Not to the mention, there is no need to worry about traffic or ...
Articles on Survey: Credit Cards Don't Cause Shopping Sprees
Women are not saving for retirement or putting money away for a rainy day, according to a new survey by CreditDonkey.com. 63% of women said that they were not currently saving for retirement, and over 55% said that they had no saving strategy ...
What do you think about Survey: Credit Cards Don't Cause Shopping Sprees?
You might also be interested in
More Articles in News