New Survey Reveals Majority of Americans Find Credit Cards Make It Challenging to Manage Their Finances
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Americans are looking towards more flexible payment options for greater control
Despite a majority of Americans (
Saving more (
Americans are seeking more control and flexibility from payment options that can help them better manage their finances, the survey found. Buy now, pay later was ranked number one, with nearly half of respondents (
“We can’t talk about buy now, pay later without putting it in the context of the larger credit landscape,” said Libor Michalek, President of Affirm. “The reality is that the average American has three credit cards and nearly
"The very worst thing we can do is loan money to someone when it's not responsible – for them or for us," Michalek added. "That's why if we think someone is overextending themselves, we'll let them know 'we don't think you should buy this' as opposed to approving them."
Every time someone wants to use Affirm, they have to apply – whether purchasing a
Once approved, consumers can select the payment option that works best for them and their budgets, choosing from customized payment options. Payment options with Affirm can be interest-free or simple-interest bearing, meaning a consumer never pays more than what they agree to at checkout. This is unlike compound interest, which charges interest on top of existing interest, if a consumer pays the minimum amount due or misses a payment.
Consumers are always reminded by SMS and email when they owe a payment and can easily enable or disable autopay in the Affirm app. Affirm also gives consumers control over their privacy choices and never sells consumer data.
Survey Methodology
This random double-opt-in survey of 2,000 general population Americans was commissioned by Affirm between June 20 and June 23, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
About Affirm
Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | Twitter.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230817280559/en/
Press
Affirm
Emily Dale
press@affirm.com
Source: Affirm
FAQ
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