~ Fuel Prices and Credit Woes to Keep U.S. Consumers Close to Home ~ ~ Nearly Half Say They're Planning Financially for the Long Haul ~
CHICAGO, May 20 /PRNewswire/ -- While the Memorial Day holiday usually
sees Americans beginning to hit the road for well-deserved vacations,
skyrocketing fuel prices and the uncertain economy are likely to make this a
difficult summer travel season for many families. TransUnion's TrueCredit.com
commissioned Zogby International to survey Americans about their summer
vacation plans as well as their general philosophies toward financial planning
during this trying time.
A third of all respondents (33 percent) say they will not go on vacation
this summer, while 28 percent plan to spend less money than last year on
summer vacation. Twenty-one percent say they plan to spend just as much money
as last year on vacation, while only one in eight (13 percent) say they will
spend more.
Of those who say they will spend less or not go on vacation, almost three
in four (72 percent) cite concern about fuel costs as a reason. Thirty-five
percent cite concern about credit card debt, and nearly half (47 percent) cite
concern about other debt or financial obligations. Only 4 percent express
concern about terrorism, while only 3 percent are worried about identity
theft.
"It appears that given the economy, many consumers either can't justify or
feel they won't be able to pay off the debt they'd incur to travel as they
have in the past," said Lucy Duni, vice president of Consumer Education for
TransUnion's TrueCredit.com. "Since paying your bills on time and carrying low
credit balances are critical components of managing your credit health for the
long-term, the restraint consumers are showing is probably well advised."
According to the survey, Americans are taking a long-term view of their
finances. Nearly half (49 percent) say the statement, "I'm a long hauler. I
devise and adhere to long-term plans for my money" best represents their
personal financial philosophy, while a quarter (25 percent) agree with the
statement, "I'm a baby stepper. I set short-term plans and stick to them."
Eighteen percent say they are best described as a finger crosser (getting by
day-to-day and hoping for the best), while only 2 percent characterize
themselves as a dice roller (making risky moves in the hope of big returns).
"It's encouraging to see so many Americans thinking about the big
financial picture," added Duni. "Whether you're planning for your retirement
or saving to buy a house, the right steps today can pay big rewards down the
road."
Methodology
Zogby International was commissioned by TransUnion's TrueCredit.com to
conduct an online survey of 8,683 adults from May 9 to May 12, 2008. A
sampling of Zogby International's online panel, which is representative of the
adult population of the US, was invited to participate. Slight weights were
added region, party, age, race, religion, gender to more accurately reflect
the population. The margin of error is +/- 1.8 percentage points. Margins of
error are higher in sub-groups.
Since 1999, TransUnion's TrueCredit.com has helped millions of consumers
manage their own credit health. Through a suite of educational materials,
free monthly newsletters and easy-to-use products, the company helps consumers
understand personal credit management and empowers them to achieve greater
financial well-being. TrueCredit.com's online products include credit
reports, credit and insurance scores, credit monitoring, debt management tools
and identity theft insurance services. TrueCredit.com is the
direct-to-consumer arm of Chicago-based TransUnion Interactive, a subsidiary
of TransUnion, a global leader in credit and information management. Manage
your credit. Manage your life.(SM) http://www.truecredit.com
For more information or to schedule an interview with Lucy Duni, contact
Steven Katz, TransUnion, at 312.985.2373 (skatz@transunion.com) or Zachary
Hastings Hooper, The Rosen Group, at 202.862.4355 (zachary@rosengrouppr.com).
SOURCE TransUnion's TrueCredit.com
