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article imageDespite economy, Americans are optimistic about their credit

By Claudio Buttice     Oct 21, 2016 in World
Many Americans are concerned about jobs and the economy. But despite today's business climate, most people remain optimistic when it comes to managing their wallet and personal finances.
Eighty-one percent of Americans said they are confident that they'll improve their credit, according to a new Capital One Credit Confidence Study that gathered responses from over 2,300 individuals across the United States. The nationwide study was commissioned in observance of National Get Smart About Credit Day, which took place on Oct. 20. Moreover, 86 percent percent of Americans said they want to increase their credit score, while 82 percent say are willing to do what it takes to improve their score. And 76 percent said that they know what it takes to improve their credit score, reports BuzzFeed.
Most Americans also consider good credit as a pathway to success and achievement. For instance, more than two-thirds (70 percent) said they believe that having good credit is the key to unlocking the American Dream. All of the respondents are new to credit, or are building or repairing their credit.
Americans are also highly motivated to improve their reports with the credit bureaus. But most surprisingly, many are willing to make huge sacrifices in order to significantly improve or repair their personal finances. For instance, a whopping 32 percent said that they would rather choose to have excellent credit than receive one million dollars. And nearly 90 percent of 18-24-year-olds would choose excellent credit over access to social media. That's a big trade-off when you consider that more than half of internet users (52%) use two or more social media accounts such as Facebook, Twitter, Instagram and others, according to Pew Research.
"We embarked on this national study to bring people’s journey to credit success to the forefront," according to Jennifer Jackson, Managing Vice President at Capital One, in a statement to Inquisitr. "Achieving better credit is core to everyone’s financial health, and this study revealed that there is a strong spirit of optimism; however, there is a need for more education and action for people to achieve credit success." The Virginia-based bank rolled out the free CreditWise smartphone app that lets anyone monitor their credit score.
So would you choose a perfect credit score over one million dollars? With a sterling credit report, a consumer can certainly get cheaper loans and acquire financial backers for a venture.
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