Survey: Americans focused on managing debt, credit scores in 2014

wellsfargoA recent survey by Wells Fargo showed that Americans plan to focus on securing their finances by better managing their debt and credit scores in 2014.

“Seventy-seven percent of Americans feel their financial situation is moderate to good – which is great news as we move ahead to 2014,” Gary Korotzer, the executive vice president of Wells Fargo’s Consumer Credit Solutions Group, said. “It is important for consumers to put themselves in the driver’s seat when it comes to managing their finances responsibly. An optimistic outlook for the future is an important key to financial success along with having clear goals and charting a course to get there.”

Nearly 60 percent of survey participants said they checked their credit score or report within the past year, and nearly 80 percent said they plan to make purchases of $2,000 or more within the next two years. Top planned purchases include a home, travel and automobiles.

Baby boomers and Generation X survey participants were more likely to indicate that they actively attempt to reduce their debt, while 35 percent of Millenials plan to focus on increasing savings.

Approximately 40 percent of consumers are working to pay off credit cards every month, 38 percent are working to save for a purchase rather than rely on credit and 32 percent stick to a budget every month.

“We want our customers to take charge of their finances by understanding their current situation and their options,” Korotzer said. “When used responsibly, credit is a resource that can help consumers reach their financial goals. And we believe Wells Fargo has an important role in providing tools and resources to help our customers succeed financially.”

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