New research reveals a large percentage of consumers worry about the mismanagement of credit cards, they are simultaneously open to a healthy amount of debt. Consumers recognize the necessity of credit, but have real concerns about its sometimes confusing terms. 
The study by Affirm delved into the nuances surrounding consumers’—especially millennials—relationship with debt and credit.
Key Findings:
• 65 percent of respondents have an actual fear of debt
◦ Almost a third (32 percent) are fearful because they don’t know how long it would take to pay off
• Consumers think of their spending in defined time increments:
◦ 93 percent plan their spending weekly, twice monthly or monthly
◦ 42 percent of millennials (ages 22 – 34) plan their spending on a weekly basis
◦ Only 5 percent said they don’t plan their spending at all
• Nearly 3 out of 4 (72 percent) respondents who have carried a credit card balance have worried about how much their purchases would end up costing in total (including interest)
• 46 percent of respondents who have carried a credit card balance have enjoyed purchases less due to carrying that balance
• 87 percent of respondents expressed interest in a simple way to pay for large purchases over time that was not a credit card
◦ 68 percent of these respondents cited “knowing exactly how much I’ll owe and when, including interest,” as the most appealing element of a simple credit card alternative
To find out more about Affirm, visit Affirm.com.
