COSTA MESA, Calif.--(BUSINESS WIRE)-- As Americans continue to manage all-time high debt, Experian releases findings from a national survey on how Americans are best tackling their finances. Forty-five percent of respondents report having paid off unmanageable debt by taking on an additional job or side hustle (36%), practicing the snowball debt payoff method (26%), and using budgeting apps (23%).

Americans are also making a game plan for future success with more than 2 in 3 respondents (70%) avoiding taking on additional or unmanageable debt by steering clear of buy-now-pay-later payment options or limiting their use of credit cards. Meanwhile, sixty percent of respondents say they have a support system that could help them if they faced a challenging debt payoff journey. Additionally, half of those surveyed say that paying off debt improved their lives by having less worry and more peace of mind.

“Unmanageable debt can negatively impact many facets of a consumer’s life. While credit is a useful tool for achieving certain financial goals, it must be used wisely,” said Rod Griffin, senior director of Consumer Education and Advocacy at Experian. “It’s encouraging to see that people are showing determination in their efforts to pay off debt, which will help them potentially improve their credit score, build up savings, and reduce stress, paving the way for a more prosperous and happier future."

Winning at your finances

According to the Experian survey, nearly a quarter of those surveyed (23%) say they have a financial Cinderella story with the most respondents (41%) considering saving money every paycheck or every month for the last 12 months, followed by paying off a major debt (40%), as their big win.

Making an assist to consumers to help improve their financial health, Experian recently announced a $5 million debt relief initiative among 5,000 families in Louisianaⁱ by teaming up with Louisiana State University (LSU) basketball player Flau'jae Johnson. The star player and hip-hop artist is championing the initiative and played to win in the college basketball tournament not only for her school, but also for Louisiana families. For every LSU win in the tournament, Experian wiped out an additional $100,000 in consumer debt relief for a total of $300,000 as the Tigers made it to the Elite Eight.

More than 2 in 5 survey respondents (41%) say their biggest misconception about debt before they had to manage it themselves is that minimum payments are enough. For tips on using credit effectively and managing debt, read Experian’s blog post here.

Join Experian’s upcoming #CreditChat “Conquering Debt: Tips for Financial Empowerment This Financial Literacy Month” on April 16 at 12pm PT/3pm ET on X or Threads.

Consumers can also gain financial skills by leveraging a free Experian membership to access tools like Experian Boost®ⁱⁱ to potentially improve their FICO® Scoreⁱⁱⁱ, see their Experian credit report, and possibly save money through an auto insurance^iv and credit card marketplace^v. With a paid premium membership, consumers can also get help with canceling subscriptions and negotiating bills for lower rates^vi.

For more information about Experian resources, visit experian.com.

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

ⁱ Experian membership not required. ForgiveCo is administering the acquisition and cancellation of qualifying consumer debt for beneficiaries randomly selected from the debt pool. ForgiveCo is settling one outstanding account in full for each beneficiary, and not all accounts are the same size. For more information go to experian.com/relief or forgiveco.com.
ⁱⁱ Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost®. Learn more.
ⁱⁱⁱ Credit score calculated based on FICO Score 8 model. Your lender or insurer may use a different FICO^® Score than FICO^® Score 8, or another type of credit score altogether. Learn more.
^iv Results will vary and some may not see savings. Average savings of $828 per year for customers who switched and saved with Experian from Jan. 1, 2022 to Mar. 31, 2024. Savings based on customers’ self-reported prior premium. Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc.
^v Based on FICO® Score 8 model. Offers and approval not guaranteed. Eligibility requirements and terms apply. Subject to credit check which may impact your credit scores. Offers not available in all states. Marketplace Licenses and Disclosures.
^vi Results will vary. Not all bills or subscriptions are eligible for negotiation/cancellation. Savings are not guaranteed, and some may not see any savings.

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