As January ends and the holiday bills start to roll in, Debt.com reports survey finding about American's money regrets and hopes. Of the 1,300 survey respondents, over 77 percent said they are making financial resolution in 2018 while only 43 percent said they made them in the past.
The two biggest financial regrets selected pertain to credit scores. Forty-four percent said running-up credit card balances or maxing them out hurting their credit score was the number one regret. Second place went to missing payments and damaging credit scores at 23 percent.
"Credit scores impact many aspects of life from mortgages and auto loans to getting hired at a job you're applying for and in light of the recent data breaches it is not surprising that credit scores are a major concern," says Howard Dvorkin, chairman of Debt.com
Other notable regrets include:
• Letting debt go into collections (19%)
• Draining all the money from savings accounts (18%)
• Taking money out of retirement accounts (7.5 %)
Of the over 56 percent of respondents who didn't make past resolutions, more than 26id it was due to their finances being is such bad shape they didn't know where to start.
Dvorkin warns, "If people feel their finances are spiraling out of control, the worst thing they can do is to do nothing. Time only makes money problems more harmful and the lack of action compounds issues greatly. People need to reach out and find help. That's why we formed Debt.com as a safe space where people can get information and trusted answers."
Money goals for 2018 included:
• Paying off credit cards (70%)
• Saving more money (67%)
• Spending less and budgeting more (48%)
• Stop using credit cards (31%)
• Start investing (16%)
• Paying off student loans (12%)
• Buying a car (12%)
• Buying a home (12%)
Reaching goals: Of the nearly 600 people who said they have made resolutions in the past, 63 percent said they did not reach their goal. For those who did achieve their goals, when asked how long it took them more than 42 percent said they worked all year long but just could not get there.
The good news: Of those surveyed who reached their past financial resolutions, 42 percent did so within a year. More than 31 percent said it took over a year, but they finally made it.