Which states are most likely to overspend on Black Friday shopping? New study has the answer.
New report ranks states according to risky credit card habits, finds 41 percent of Black Friday shoppers have suffered financial consequences from overspending.
Chicago, IL, Nov 05, 2018 (GLOBE NEWSWIRE) – Are some states more likely to overspend on Black Friday than others? If credit card habits are any indication, the answer is yes, definitely — and Nevada shoppers are at the highest risk of spending dangerously beyond their means.
According to new research by fintech firm OppLoans, Nevada residents are entering the Black Friday shopping season with the riskiest credit card habits in the country — they have the highest percentage of seriously delinquent credit card debt of any state. By contrast, the study discovered that Wisconsin residents had the safest habits, boasting delinquent debt levels half that of the three worst states.
Nationally, a survey commissioned by OppLoans and conducted by Pollfish found that Black Friday shopping results in stress, regret, and serious financial consequences for a large percentage of consumers. The results revealed the following:
- Fifty-one percent of Black Friday shoppers report stress from overspending.
- Thirty-nine percent say they’ve felt regret about spending too much.
- Forty-one percent have suffered financial consequences because of overspending on Black Friday.
- Forty-four percent have used a credit card to make Black Friday purchases they couldn’t afford.
- Sixty-three percent say using a credit card encourages them to spend more than they should.
The research was released today in a report published by OppU, the financial education arm of OppLoans. The report’s findings were based on a national survey of 600 expected Black Friday shoppers and a data analysis of credit card debt statistics collected by the Federal Reserve Bank of New York.
“Black Friday can offer great deals, but consumers might feel tempted to spend more than they should,” said Matt Pelkey, who led the research for OppLoans. “Our findings are a sober reminder to shop wisely, because overspending has consequences.”
To help consumers avoid overspending on Black Friday, OppLoans partnered with personal-finance expert Pamela Rodriguez, who authored a list of Black Friday-specific shopping tips included in the report.
The full report — complete with consumer tips, state rankings, and a shareable infographic — are available on the OppU blog.
OppLoans is one of the highest-rated online lenders and service providers in the industry. With fast funding, significantly lower rates, total transparency, and unmatched customer service, OppLoans provides non-prime borrowers a reliable alternative to payday lending.
For more information regarding OppLoans, please visit the OppLoans website at OppLoans.com. For press inquiries, please contact John O’Reilly at firstname.lastname@example.org or (312) 212-8079, extension 818.
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