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72% of consumers have resolved to pay off debt in 2025

Monday, December 16, 2024 — 12:58:35 (EST)

GAINESVILLE, Fla., Dec. 16, 2024 /PRNewswire/ -- In a new survey conducted by BadCredit.org, a leading financial resource helping those with subpar credit make informed decisions to brighten their financial future, 72% of consumers indicated they intend to pay off their debt partially or completely in 2025. The survey invited 500 adults in the United States to answer questions about how they plan to improve their finances in the New Year, in addition to trends surrounding spending, saving habits, and financial resolutions leading into 2025.

New Year's Financial Resolutions 2025

Survey Results Highlights:

The hope for better finances in 2025 wasn't based on feeling, but on plans respondents shared they are putting into action. Key findings include:

A Top Financial Resolution – Paying off Debt: 72% of those surveyed indicated they have a resolution to either completely or partially pay off their debt in 2025. One area prioritized by 49% of respondents is paying off credit card debt, and 46% plan to accomplish this by increasing their monthly payments. This move shows a sign of progress and recovery not just for the consumer, but for an economy with exceedingly high levels of credit card debt.

Saying Goodbye to 2024 Finance Trends: It's out with the old for a few personal financial trends, as consumers plan to leave a few buzzworthy fads behind in 2024. The survey revealed that 33% plan to refrain from buy now, pay for later services. Another 28% will avoid doom spending and 23% will no longer seek advice from "finfluencers."

Saving Methods for the New Year: To make a step towards saving more in 2025, 41% plan to cancel subscription services, 26% of respondents plan to participate in a no spend challenge, and 15% of individuals will try the loud budgeting method or vocalizing financial goals. These findings point towards the rise of the subscription service market and its impact on consumer wallets, in addition to saving goals.

Practicing New Financial Strategies in 2025: Consumers who participated in the survey shared several ways they plan to improve their financial journey heading into the new year. The data revealed that 39% plan to use budgeting apps to manage or improve their financial journey and 36% plan to implement an automatic savings program. Another 21% indicated that they will seek guidance from personal finance experts and resources such as media outlets and podcasts. The data shows that consumers have the drive to pursue a savings path based on their unique needs and plan to try different strategies to meet their financial goals.

Exploring Investments: Respondents also revealed new investment opportunities they would be open to exploring. A couple of investments that peaked consumer interest the most include the US stock market at 41% and alternative assets, such as Bitcoin or gold, at 37%.

2025 Outlook & Consumer Sentiment: Despite ongoing narratives of potential consumer fears about 2025's economy, 63% of consumers shared they were optimistic about the economy heading into the new year. The survey results showed that 34% attributed their optimism to seeing economic growth, and 31% credited it to Donald Trump winning the 2024 presidential election. Resolutions can be challenging to stick to, but 37% of respondents indicated they are somewhat confident they will be able to stick to their resolution — followed by 36% feeling very confident they will follow through with their resolution.

"Even a simple financial resolution can have a major life impact beyond money. These small changes can shift our relationship and financial habits in a positive way," said Bobbi Rebell, a CFP® and Personal Finance Expert with BadCredit.org. "As we head into the New Year, I encourage individuals to review their current financial situation and work on a plan that supports their unique needs. Don't hesitate to explore educational resources to learn more or enlist the support of a professional that can help chart both short-and long-term goals."

As found in the survey, consumers are heading into the new year with ambition and action to help improve their financial habits. BadCredit.org is one resource offering a variety of insights from financial experts and tools consumers can incorporate in their pursuit of stronger financial knowledge and wellbeing. For a full view of the survey's findings, visit www.badcredit.org.

About BadCredit.org

BadCredit.org is a leading financial resource dedicated to helping individuals and families make informed financial decisions. Through comprehensive research and expert advice, BadCredit.org provides valuable insight on personal finance, credit, and consumer advocacy. For more information, visit BadCredit.org.

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Source: Company press release.