It will take the average American seven months to pay off the credit card debt they accumulated during the pandemic, according to new research.
A new survey of 2,000 Americans found that 46% have relied on their credit cards more often than they would have liked to since the beginning of the pandemic.
The survey also reveals that 73% have made a concerted effort to shop smarter during this period.
Top strategies among respondents included shopping sales (61%), using coupons (54%), buying in bulk (41%), or using interest-free buy now pay later payment options (25%) as a means of better managing their personal finances.
Commissioned by global payments and shopping service Klarna and conducted by OnePoll, the survey also looked at how employing smarter shopping tactics has bolstered consumers' confidence in the midst of economic uncertainty.
If increased reliance on credit cards indicates anything, it's that Americans have been feeling the crunch.
It's no surprise that nearly eight in 10 say the pandemic has made them more mindful of their budget.
And 79% say that being mindful of their spending habits and using strategies to save while shopping allow them to feel more confident in their financial future.
Sixty-nine percent of respondents consider themselves to be savvy shoppers, and of these, 53% say that they would not have identified as a savvy shopper prior to the pandemic, but they do now.
Seventy-eight percent say they've also made a conscious effort to spend less over the course of the past six months.To read more, click here