FINDINGS FROM THE D 2012 NATIONAL SURVEY … · withdraw money from your account do not qualify as credit cards; these cards are called debit cards. The survey’s sponsor, Dēmos,

FINDINGS FROM THE DĒMOS 2012 NATIONAL SURVEY ON CREDIT CARD DEBT OF LOW- AND MIDDLE-INCOME HOUSEHOLDS

DEBTED AND NON-DEBTED SAMPLES

DEBTED SECTION, INCLUDES LOW- AND MIDDLE-INCOME HOUSEHOLDS WHO CURRENTLY

HAVE A CREDIT CARD BALANCE AND HAVE CARRIED A CREDIT CARD BALANCE FOR AT

LEAST THREE MONTHS [INTRO] We are conducting a national survey to help us better understand how individuals and families manage their debt, and how debt affects their ability to save and build assets. The information you provide us will be extremely valuable to advocate for public policies that would better protect people against exploitative practices by credit card companies and support people’s efforts to save and build assets.

All of your answers will be kept strictly confidential and never associated with your name. In this study, we are focusing on credit cards, which include bank, store, gas and other retail charge cards that do not require that you pay off the full amount each month. Charge cards that immediately withdraw money from your account do not qualify as credit cards; these cards are called debit cards. The survey’s sponsor, Dēmos, is an organization that does research on how public policies affect the American public and uses this research to advocate for essential reforms in public policy. Dēmos does a lot of research on how families and individuals manage debt, and how debt affects their ability to save and build assets. Dēmos uses this research to advocate for essential reforms in public policies, such as ways to better protect people from unfair practices by credit companies, including excessive late fees and high interest rates. It also uses this research to promote public policies to support people’s efforts to achieve important financial goals, such as saving for a secure future and investing in assets such as homes. [ASK ALL]

DX1. Are you currently living with a spouse or partner?

Yes ......................................................................................66% No .......................................................................................34% Don’t know ......................................................................... 0

[ASK IF DX1=YES (CURRENTLY LIVES WITH SPOUSE OR PARTNER)]

DX2. Do you and your spouse or partner pool your incomes and make joint financial decisions?

Yes ......................................................................................83% No .......................................................................................16% Don’t know ......................................................................... 0

[ASK IF DX1=YES (CURRENTLY LIVES WITH SPOUSE OR PARTNER)]

DX3. Do you feel that you know a lot about the credit card debt of your spouse or partner?

Yes ......................................................................................85% No .......................................................................................13% Don’t Know ....................................................................... 2%

This first set of questions is about credit cards you currently have.

Throughout this survey, please answer each question based on the credit cards that both you and your spouse or partner have now or had in the past. If you are unsure of the credit card status of your spouse or partner, please answer the questions to the best of your ability. This first set of questions is about credit cards you currently have. [ASK ALL]

DA1. How many credit cards do you currently have? Please keep in mind that store and gas cards on which you don’t have to pay off the entire balance at the end of the month count as credit cards.

0 credit cards 4%

1-2 credit cards 34%



10+ credit cards 4%

Don't Know 4%

Mean Number Of Credit Cards (excluding 0) 3.82

Mean Number Of Credit Cards (including 0) 3.65

[ASK ALL]

DA2. How many past credits cards—that is, cards that you have cancelled or that you no longer have—are you still paying off debt on?

0 credit cards 62%



6-9 credit cards 2%

10+ credit cards 1%

Don't Know 4%

Mean Number Of Credit Cards (excluding 0) 2.76

Mean Number Of Credit Cards (including 0) 0.96

[ASK ALL]

DA3. What is the total amount of credit card debt that you currently have? This includes past credit cards that you may no longer have on which you’re paying off debt.

$1,000 or less 17%

$1,001 - $2,500 18%

$2,501 - $5,000 20%

$5,001 - $7,500 8%

$7,501 - $10,000 11%

Over $10,000 17%

Don't Know 10%

No answer 0

Mean ($) (excluding 0) $7,144.74

Mean ($) (including 0) $7,144.74

[ASK IF DA3= “DON’T KNOW” OR IS REFUSED.]

DA3a. Is it in any of these ranges?

$1,000 or less .....................................................................18% $1,001 - $2,500 ..................................................................19% $2,501 - $5,000 ..................................................................21% $5,001 - $7,500 ................................................................... 9% $7,501 - $10,000 ................................................................11% Over $10,000 .....................................................................20% Don’t Know ....................................................................... 1%

[ASK ALL]

DA4. What do you estimate is the APR (Annual Percentage Rate) that you pay on the credit card with the highest balance?

10% or less 20%

10.1% - 15% 18%

15.1% - 20% 20%

20.1% - 25% 16%

25.1% - 30% 7%

Over 30% 1%

Don't Know 18%

No answer 0

Mean (%) (excluding 0) 16.13%

Mean (%) (including 0) 16.13%

[ASK IF DA4=DON’T KNOW OR IS REFUSED]

DA4a. Is it in any of these ranges?

10% or less ........................................................................20% 10.1% – 15% .....................................................................23% 15.1% - 20% ......................................................................22% 20.1% - 25% ......................................................................18% 25.1% - 30% ....................................................................... 8% Over 30% ............................................................................ 1% Don’t Know ....................................................................... 8%

[ASK ALL]

DA5. Is the total amount of credit card debt that you have today less than, about the same, or more than the total amount of credit card debt that you had 1 year ago?

Less .....................................................................................39% About the same .................................................................32% More ...................................................................................28% Don’t Know ....................................................................... 1%

[ASK ALL]

DA6. Is the total amount of credit card debt that you have today less than, about the same, or more than the total amount of credit card debt that you had 3 years ago?

Less .....................................................................................41% About the same .................................................................16% More ...................................................................................39% Don’t Know ....................................................................... 3%

[ASK ALL]

DA7. Which of the following four statements best describes your current and past experiences with credit card debt?

You have had a high level of credit card debt for a long time. ...........................................................................14% You have had swings in the level of your credit card: after periods of paying down

your debt, events happened that caused you to run up your debt again. ....................................................58% This is the first time you have run up your credit card debt to this level. .........................................................15% You are keeping some debt to build up your credit score. ..................................................................................12%

[SHOW ALL] The next series of questions deals with different kinds of circumstances or expenses that households have. Thinking about the past three years, please tell us whether you or another member of your household has incurred expenses relating to each of the following items, or not.

[ASK ALL]

DB1. A layoff or the loss of a job

Yes ......................................................................................30% No .......................................................................................69% Don’t Know ........................................................................ 0

[ASK IF DB1=YES]

DB1a. Did this contribute to your current level of credit card debt, or not?

Yes ......................................................................................86% No .......................................................................................13% Don’t Know ....................................................................... 1%

[ASK ALL]

DB2. Starting up a new business or running an existing business

Yes ......................................................................................11% No .......................................................................................89% Don’t Know ........................................................................ 0

[ASK IF DB2=YES]


Yes ......................................................................................83% No .......................................................................................17% Don’t Know ........................................................................ 0

[ASK ALL]

DB3. Car repairs

Yes ......................................................................................64% No .......................................................................................35% Don’t Know ........................................................................ 0

[ASK IF DB3=YES]


Yes ......................................................................................71% No .......................................................................................27% Don’t Know ....................................................................... 2%

[ASK ALL]

DB4. Home repairs

Yes ......................................................................................44% No .......................................................................................55% Don’t Know ....................................................................... 1%

[ASK IF DB4=YES]


Yes ......................................................................................71% No .......................................................................................27% Don’t Know ....................................................................... 1%

[ASK ALL]

DB6. Tuition or expenses for college for a child

Yes ....................................................................................... 9% No .......................................................................................91% Don’t Know ........................................................................ 0

[ASK IF DB6=YES]


Yes ......................................................................................60% No .......................................................................................40% Don’t Know ........................................................................ 0

[ASK ALL]

DB7. Tuition or expenses for college for a spouse or partner, or yourself

Yes ......................................................................................16% No .......................................................................................83% Don’t Know ........................................................................ 0

[ASK IF DB7=YES]


Yes ......................................................................................71% No .......................................................................................27% Don’t Know ....................................................................... 1%

[ASK ALL]

DB8. Money given to, or used to pay the debts of relatives

Yes ......................................................................................23% No .......................................................................................76% Don’t Know ....................................................................... 1%

[ASK IF DB8=YES]


Yes ......................................................................................72% No .......................................................................................27% Don’t Know ....................................................................... 1%

[ASK ALL]

DB9. A major household appliance purchase such as a refrigerator, a dishwasher, or an air conditioner

Yes ......................................................................................30% No .......................................................................................69% Don’t Know ........................................................................ 0

[ASK IF DB9=YES]


Yes ......................................................................................65% No .......................................................................................33% Don’t Know ....................................................................... 2%

[ASK ALL]

DB10. Major purchase of a non-essential good or service, such as a vacation, flat screen TV or other big-ticket item

Yes ......................................................................................42% No .......................................................................................57% Don’t Know ....................................................................... 1%

[ASK IF DB10=YES]


Yes ......................................................................................80% No .......................................................................................19% Don’t Know ....................................................................... 1%

[ASK ALL]

DB11. Smaller purchases of non-essential goods and services that can add up over time, such as meals at restaurants, movies, DVDs, clothes and other such expenses

Yes ......................................................................................64% No .......................................................................................34% Don’t Know ....................................................................... 1%

[ASK IF DB11=YES]


Yes ......................................................................................73% No .......................................................................................25% Don’t Know ....................................................................... 2%

[ASK ALL]

DB12. Which expense do you think contributed most to your current level of credit card debt?

A layoff or the loss of a job................................................................................................................................................15% Starting up a new business or running an existing business .......................................................................................... 4% Car repairs .............................................................................................................................................................................10% Home repairs ......................................................................................................................................................................... 9% Tuition or expenses for college for a child ....................................................................................................................... 1% Tuition or expenses for college for a spouse or partner, or yourself ........................................................................... 3% Money given to, or used to pay the debts of relatives .................................................................................................... 4% A major household appliance purchase such as a refrigerator, a dishwasher, or an air

conditioner ....................................................................................................................................................................... 5% Major purchase of a non-essential good or service, such as a vacation, flat screen TV or

other big-ticket item ........................................................................................................................................................ 9% Smaller purchases of non-essential goods and services that can add up over time, such as

meals at restaurants, movies, DVDs, clothes and other such expenses ................................................................22% Other (please specify) ..........................................................................................................................................................11% Don’t Know ........................................................................................................................................................................... 7%

[ASK ALL]

DB13. Now thinking only about the past year, have you used credit cards to pay for basic living expenses, such as rent, mortgage payments, groceries, utilities, and insurance because you didn’t have money in your checking or savings account?

Yes ......................................................................................40% No .......................................................................................58% Don’t Know ....................................................................... 1%

[ASK IF DB13=YES]

DB14. In how many months out of the last 12 did this happen?

1-3 months 39%

4-6 months 23%

7-9 months 8%

10-12 months 21%

Don't Know 10%

[SHOW ALL] Now we are going to ask you some questions about specific types of out of pocket medical expenses you might have incurred in the past three years. By out of pocket expenses, we mean all expenses related to medical care for yourself or for another member of your household EXCLUDING health insurance premiums, over the counter drugs, or costs that you will be reimbursed for.

[ASK ALL]

DC1. Hospital stays

Yes ......................................................................................22% No .......................................................................................77% Don’t Know ....................................................................... 1%

[ASK IF DC1=YES]

DC2. Did these out of pocket expenses contribute to your current credit card debt, or not?

Yes ......................................................................................56% No .......................................................................................42% Don’t Know ....................................................................... 1%

[ASK ALL]

DC7. Visits to the doctor

Yes ......................................................................................53% No .......................................................................................46% Don’t Know ........................................................................ 0

[ASK IF DC7=YES]


Yes ......................................................................................43% No .......................................................................................56% Don’t Know ....................................................................... 1%

[ASK ALL]

DC9. Emergency room visits

Yes ......................................................................................22% No .......................................................................................77% Don’t Know ........................................................................ 0

[ASK IF DC9= YES]


Yes ......................................................................................57% No .......................................................................................42% Don’t Know ....................................................................... 1%

[ASK ALL]

DC11. Dental expenses

Yes ......................................................................................47% No .......................................................................................52% Don’t Know ....................................................................... 1%

[ASK IF DC11= YES]


Yes ......................................................................................57% No .......................................................................................42% Don’t Know ....................................................................... 1%

[ASK ALL]

DC13. Prescription medications

Yes ......................................................................................51% No .......................................................................................48% Don’t Know ....................................................................... 1%

[ASK IF DC13= YES]


Yes ......................................................................................46% No .......................................................................................52% Don’t Know ....................................................................... 2%

[ASK ALL]

DC19. In dollar terms, how much of your current credit card debt is due to out of pocket medical expenses?

$1,000 or less 67%

$1,001 - $2,500 8%

$2,501 - $5,000 5%

$5,001 - $7,500 1%

$7,501 - $10,000 1%

Over $10,000 1%

Don't Know 19%

No answer 0


Mean ($) (including 0) $810.22

[ASK IF DC19=DON’T KNOW OR IS REFUSED]

DC20. Is it in any of these ranges?

$1,000 or less .....................................................................74% $1,001 - $2,500 ..................................................................12% $2,501 - $5,000 ................................................................... 6% $5,001 - $7,500 ................................................................... 1% $7,501 - $10,000 ................................................................. 1% Over $10,000 ...................................................................... 1% Don’t Know ....................................................................... 5%

[ASK ALL]

DC21. Do you have other outstanding medical debt that is not on your credit cards?

Yes ......................................................................................30% No .......................................................................................69% Don’t Know ....................................................................... 1%

[ASK IF DC21=YES]

DC22. In dollar terms, how much money in outstanding medical debt do you have that is not on your credit cards?

$1,000 or less 56%

$1,001 - $2,500 15%

$2,501 - $5,000 8%

$5,001 - $7,500 2%

$7,501 - $10,000 5%

Over $10,000 6%

Don't Know 9%

No answer 0



[ASK IF DC22=DON’T KNOW OR IS REFUSED.]

DC23. Is it in any of these ranges?

$1,000 or less .....................................................................59% $1,001 - $2,500 ..................................................................17% $2,501 - $5,000 ..................................................................11% $5,001 - $7,500 ................................................................... 2% $7,501 - $10,000 ................................................................. 5% Over $10,000 ...................................................................... 6% Don’t Know ........................................................................ 0

[SHOW ALL]

In the past year, have you or a member of your household tried to reduce medical expenses by doing any of the following… [ASK ALL]

DC24A. Did not fill a prescription or postponed filling a prescription

Yes ......................................................................................33% No .......................................................................................67% Don’t Know ....................................................................... 1%

[ASK ALL]

DC24B. Did not go see doctor or visit a clinic when you had a medical problem

Yes ......................................................................................39% No .......................................................................................61% Don’t Know ....................................................................... 1%

[ASK ALL]

DC24C. Skipped medical test, treatment or follow up

Yes ......................................................................................36% No .......................................................................................63% Don’t Know ....................................................................... 1%

[SHOW ALL] We would now like to ask you about your recent experience with paying off credit card debt.

As a reminder, all of your answers will be kept strictly confidential and never associated with your name. Please answer each question based on the credit cards that both you and your spouse or partner have now or had in the past. If you are unsure of the credit card status of your spouse or partner, please answer the questions to the best of your ability. [ASK ALL]

DD1. How much in total did you pay this past month on all of your credit cards?

$1,000 or less 79%

$1,001 - $2,500 9%

$2,501 - $5,000 2%

$5,001 - $7,500 0

Over $10,000 0

Don't Know 10%

No answer 1%

Mean ($) (excluding 0) $565.59

Mean ($) (including 0) $547.26

[ASK IF DD1=DON’T KNOW OR IS REFUSED.]

DD1a. Is it in any of these ranges?

$1,000 or less .....................................................................84% $1,001 - $2,500 ..................................................................10% $2,501 - $5,000 ................................................................... 2% $5,001 - $7,500 .................................................................... 0 $7,501 - $10,000 .................................................................. 0 Over $10,000 ....................................................................... 0 Don’t Know ....................................................................... 2%

[ASK ALL]

DD2. How often do you pay only the minimum payment due each month on all of your credit cards—always, usually, sometimes, rarely or never?

Always ................................................................................13% Usually ................................................................................17% Sometimes..........................................................................21% Rarely ..................................................................................22% Never ..................................................................................25% Don’t Know ....................................................................... 2%

[ASK ALL]

DD3. How long do you think it will take before you’re completely out of credit card debt?

Less than 6 months 43%

6 months - 1 year 19%

13 months - 2 years 16%




5 years+ 8%

10 years+ 3%

Mean (years) (excluding 0) 2.14

Years

Mean (years) (including 0) 1.65

Years

[SHOW ALL]

Next, we would like to ask you a few questions about home ownership. [ASK ALL]

DD4. Do you currently own or rent your home?

Own ....................................................................................68% Rent .....................................................................................30% Don’t Know ....................................................................... 1%

[ASK IF DD4=OWN]

DD5_NEW. In the past five years, have you refinanced your home, gotten a second home mortgage or taken a home equity line of credit?

Yes ......................................................................................26% No .......................................................................................74% Don’t Know ........................................................................ 0

[ASK IF DD5_NEW=YES]

DD6_NEW. Did you pay off any credit card debt with the money you received by refinancing your home, getting a second mortgage or taking a home equity line of credit?

Yes ......................................................................................37% No .......................................................................................63% Don’t Know ........................................................................ 0

[ASK IF DD6_NEW=YES]

DD7N. At that time, how much credit card debt did you repay?

$1,000 or less 4%

$1,001 - $2,500 8%

$2,501 - $5,000 17%

$5,001 - $7,500 6%

$7,501 - $10,000 18%

Over $10,000 23%

Don't Know 25%

Mean ($) (excluding 0) $10,559.14

Mean ($) (including 0) $10,559.14

[ASK IF DD7N=DON’T KNOW OR IS REFUSED]

DD7_A_N. Is it in any of these ranges?

$1,000 or less ...................................................................... 5% $1,001 - $2,500 ................................................................... 9% $2,501 - $5,000 ..................................................................25% $5,001 - $7,500 ................................................................... 9% $7,501 - $10,000 ................................................................22% Over $10,000 .....................................................................25% Don’t Know ....................................................................... 5%

[SHOW ALL] We would now like to ask you about your recent experiences with making payments on credit cards.

[Ask All]

DD11. In the past year, how many times have you missed or been late on a payment and had to pay a late fee as a result?

0 times 65%

1-2 times 16%

3-5 times 8%

More than 5 times 4%

Don't Know 6%

[ASK IF DD11>0]

DD12. Did your interest rate go up on the card or on any of the cards on which you missed or sent in a late payment?

Yes ......................................................................................29% No .......................................................................................55% Don’t Know ......................................................................15%

[ASK IF DD11>0]

DD13. When you missed a payment on one card, did your interest rate go up on any other card on which your payment was not late?

Yes ......................................................................................14% No .......................................................................................60% Don’t Know ......................................................................22%

[SHOW ALL] Next, we have a few questions about things that people might experience when dealing with debt. [ASK ALL]

DD14. Have you ever been evicted due to non-payment of rent or had your home foreclosed?

Yes ....................................................................................... 5% No .......................................................................................95% Don’t Know ........................................................................ 0

[ASK ALL]

DD15. Have you ever declared bankruptcy?

Yes ......................................................................................15% No .......................................................................................84% Don’t Know ........................................................................ 0

[ASK ALL]

DD16. Have you ever entered into a settlement agreement with a credit card company?

Yes ......................................................................................20% No .......................................................................................79% Don’t Know ....................................................................... 1%

[ASK ALL]

DD17. Have you ever been called by bill collectors?

Yes ......................................................................................51% No .......................................................................................48% Don’t Know ....................................................................... 1%

[ASK ALL]

DD18. Have you ever had a car or other item repossessed?

Yes ....................................................................................... 9% No .......................................................................................90% Don’t Know ........................................................................ 0

[ASK ALL]

DD19. In the past year, which of the following have you used to pay down your credit card debt?

Savings 38%

Money from a family member or friend 17%

A loan from a bank or credit union 9%

Refinanced or a second mortgage 6%

A home equity line of credit 6%

Sold car or other valuable items such as jewelry 14%

Non-traditional financing such as a pawn shop, payday loan, auto title loan, loan shark 6%

Money from a savings group such as a ROSCA or a su su 1%

Worked extra hours/Got extra job 35%

Stopped going to school 4%

Tax refund 50%

Money from Earned Income Tax Credit 10%

Life Insurance 4%

Retirement Funds 15%

Other 4%

Mean number of actions (among 1+) 2.7

[ASK ALL]

DD20. In the past year, other than using credit cards, which of the following ways have you dealt with unexpected expenses?

Savings 49%










Tax refund 47%


Life Insurance 3%


Mean number of sources of funds (among 1+) 2.71

[SHOW ALL] The next questions are about your household’s savings. When answering these questions, we would like you to think about yourself and other members of your household.

As a reminder, all of your answers will be kept strictly confidential and never associated with your name. [ASK ALL]

DG4. Are you currently saving money on a monthly basis?

Yes ......................................................................................43% No .......................................................................................55% Don’t Know ....................................................................... 1%

[ASK IF DG4=YES (CURRENTLY SAVING ON A MONTHLY BASIS)]

DG5. On average, how much money are you saving each month?

$1-$50 21%

$51-$100 23%

$101-$200 19%

$201-$500 21%

$500+ 4%

Don't Know 12%

No answer 1%

Mean ($) (excluding 0) $203.71

[ASK IF DG4=YES (CURRENTLY SAVING ON A MONTHLY BASIS)]

DG3. Why are you saving?

Ordinary living expenses/bills ............................................................................................................................25% In case of unexpected expenses or needs; emergencies; “rainy days”..........................................................65% Buy a house or home improvement ..................................................................................................................12% To pay off house .................................................................................................................................................... 7% Buy a car or car maintenance ..............................................................................................................................14% Vacations/ holidays/ special occasions ............................................................................................................34% Children education................................................................................................................................................. 6% Own (or spouse) education .................................................................................................................................. 1% Retirement ..............................................................................................................................................................32% Investments reasons .............................................................................................................................................10% To meet contractual commitments (debt repayment, insurance, taxes, etc.) ..............................................12% Wise/prudent thing to do; good discipline to save; habit ..............................................................................46% Liquidity; to have cash available/on hand ........................................................................................................36% No reason ............................................................................................................................................................... 2% Other ........................................................................................................................................................................ 1% Don’t Know ............................................................................................................................................................ 1%

[ASK IF DG4=NO (NOT CURRENTLY SAVING ON A MONTHLY BASIS)] [SP]

DG6. Which of the following best describes why you are not saving on a monthly basis?

There is no money left over after paying all the bills ......................................................................................72% You don’t feel the need to put money away in savings ................................................................................... 3% You used to save regularly, but your monthly costs have risen in the past year so

you no longer have money left over to save ...............................................................................................11% You used to save regularly, but your income has dropped in the past year so you

no longer have money left over to save .......................................................................................................11% Don’t Know ............................................................................................................................................................ 3%

[ASK ALL]

DG7. Compared to three years ago, has it become easier or harder for you to save money?

Easier ..................................................................................15% Harder ................................................................................65% No change ..........................................................................19% Don’t Know ....................................................................... 1%

[ASK ALL]

DG8. Compared to one year ago, has it become easier or harder for you to save money?


[END DEBTED SECTION]

NON-DEBTED SECTION, INCLUDES LOW- AND MIDDLE-INCOME HOUSEHOLDS WHO OWN

A CREDIT CARD BUT ARE NOT CURRENTLY CARRYING A BALANCE [INTRO] We are conducting a national survey to help us better understand how individuals and families manage their debt, and how debt affects their ability to save and build assets. The information you provide us will be extremely valuable to advocate for public policies that would better protect people against exploitative practices by credit card companies and support people’s efforts to save and build assets.

All of your answers will be kept strictly confidential and never associated with your name. In this study, we are focusing on credit cards, which include bank, store, gas and other retail charge cards that do not require that you pay off the full amount each month. Charge cards that immediately withdraw money from your account do not qualify as credit cards; these cards are called debit cards. The survey’s sponsor, Dēmos, is an organization that does research on how public policies affect the American public and uses this research to advocate for essential reforms in public policy. Dēmos does a lot of research on how families and individuals manage debt, and how debt affects their ability to save and build assets. Dēmos uses this research to advocate for essential reforms in public policies, such as ways to better protect people from unfair practices by credit companies, including excessive late fees and high interest rates. It also uses this research to promote public policies to support people’s efforts to achieve important financial goals, such as saving for a secure future and investing in assets such as homes.

[ASK ALL]

NDX1. Are you currently living with a spouse or partner?

Yes ......................................................................................61% No .......................................................................................39% Don’t Know ........................................................................ 0

[ASK IF NDX1=YES (CURRENTLY LIVES WITH SPOUSE OR PARTNER)]

NDX2. Do you and your spouse or partner pool your incomes and make joint financial decisions?

Yes ......................................................................................89% No .......................................................................................10% Don’t Know ....................................................................... 1%

[ASK IF NDX1=YES (CURRENTLY LIVES WITH SPOUSE OR PARTNER)]

NDX3. Do you feel that you know a lot about the credit card debt of your spouse or partner?

Yes ......................................................................................92% No ........................................................................................ 5% Don’t Know ....................................................................... 2%

[SHOW IF NDX1=NO OR REFUSED] First we have a few questions about your experiences with credit card debt in the past.

[SHOW IF NDX1=YES (CURRENTLY LIVES WITH SPOUSE OR PARTNER)] Throughout this survey, please answer each question based on the credit cards that both you and your spouse or partner have now or had in the past. If you are unsure of the credit card status of your spouse or partner, please answer the questions to the best of your ability. [ASK ALL]

NDNB1. In the past, have you ever been in credit card debt for longer than three months?

Yes ......................................................................................31% No .......................................................................................68% Don’t Know ....................................................................... 0

[ASK IF NDNB1=YES]

NDNB2. When was the last time you were in credit card debt for more than three months in a row?

Within the past year 18%

More than a year ago but within the past 2 years 6%

More than 2 years ago but within the past 3 years 8%

More than 3 years ago but within the past 5 years 14%

More than 5 years ago 50%

Don't know/no answer 5%

[ASK IF NDNB2=DON’T KNOW OR REFUSED]

NDNB2a. Was it within any of the following ranges?

Within the past year ...............................................................................................................................18% More than a year ago but within the past 2 years .............................................................................. 6% More than 2 years ago but within the past 3 years ............................................................................ 9% More than 3 years ago but within the past 5 years ............................................................................ 8% More than 5 years ago ...........................................................................................................................59% Don’t Know ............................................................................................................................................. 1%

[ASK IF NDNB1=YES]

NDNB3. The last time you were in credit card debt for longer than 3 months, how long did it take you to finally pay it all off?

3 Months or less 37%

4-6 months 22%

7-12 months 15%

More than 12 months 26%

Mean (months) (excluding 0) 23.25

[ASK IF NDNB3=DON’T KNOW OR REFUSED]

NDNB3a. Would you say it was within any of the following ranges?

1 – 3 months ...................................................................... 8% 4 – 6 months .....................................................................25% 7 – 12 months ...................................................................21% More than 12 months ......................................................36% Don’t Know ....................................................................... 2%

[ASK IF NDNB1=YES]

NDNB4_01.Which, if any, of the following would you say contributed to your credit card debt during that period of time?

A layoff or the loss of a job

Yes ......................................................................................26% No .......................................................................................66% Don’t Know ....................................................................... 2%

[ASK IF NDNB1=YES]

NDNB4_02. Starting up a new business or running an existing business

Yes ....................................................................................... 8% No .......................................................................................79% Don’t Know ....................................................................... 2%

[ASK IF NDNB1= YES]

NDNB4_03. Car repairs

Yes ......................................................................................22% No .......................................................................................65% Don’t Know ....................................................................... 3%

[ASK IF NDNB1= YES]

NDNB4_04. Home repairs

Yes ......................................................................................29% No .......................................................................................65% Don’t Know ....................................................................... 3%

[ASK IF NDNB1= YES]

NDNB4_06. Tuition or expenses for college for a child

Yes ......................................................................................10% No .......................................................................................77% Don’t Know ....................................................................... 2%

[ASK IF NDNB1= YES]

NDNB4_07. Tuition or expenses for college for a spouse or partner, or yourself

Yes ......................................................................................10% No .......................................................................................75% Don’t Know ....................................................................... 3%

[ASK IF NDNB1= YES]

NDNB4_08. Money given to, or used to pay the debts of relatives

Yes ......................................................................................11% No .......................................................................................76% Don’t Know ....................................................................... 2%

[ASK IF NDNB1= YES]

NDNB4_09. A major household appliance purchase such as a refrigerator, a dishwasher, or an air conditioner

Yes ......................................................................................34% No .......................................................................................59% Don’t Know ....................................................................... 3%

[ASK IF NDNB1= YES]

NDNB4_10. Major purchase of a non-essential good or service, such as a vacation, flat screen TV or other big-ticket item

Yes ......................................................................................21% No .......................................................................................71% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB4_11. Smaller purchases of non-essential goods and services that can add up over time, such as meals at restaurants, movies, DVDs, clothes and other such expenses

Yes ......................................................................................37% No .......................................................................................57% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB4_A. Which expense do you think contributed most to your past credit card debt?

A layoff or the loss of a job .......................................................................................................................19% Starting up a new business or running an existing business .................................................................. 6% Car repairs ...................................................................................................................................................... 6% Home repairs ................................................................................................................................................. 9% Tuition or expenses for college for a child ............................................................................................... 2% Tuition or expenses for college for a spouse or partner, or yourself ................................................... 4% Money given to, or used to pay the debts of relatives ............................................................................ 2% A major household appliance purchase such as a refrigerator, a dishwasher,

or an air conditioner ............................................................................................................................... 9% Major purchase of a non-essential good or service, such as a vacation, flat

screen TV or other big-ticket item ....................................................................................................... 6% Smaller purchases of non-essential goods and services that can add up over

time, such as meals at restaurants, movies, DVDs, clothes and other such expenses .........................................................................................................................................18%

Other (please specify) .................................................................................................................................12% Don’t Know .................................................................................................................................................. 5%

[SHOW IF NDNB1= Yes]

The next set of questions are about out of pocket medical expenses for you or members of your household, and whether these may have contributed to your past credit card debt. By out of pocket expenses, we mean all expenses related to medical care for yourself or for another member of your household, EXCLUDING health insurance premiums, over the counter drugs or costs that you will be reimbursed for. [ASK IF NDNB1=YES]

NDNB5. The last time you were in credit card debt, which, if any, out of pocket medical expenses would you say contributed to that debt?

Hospital stays

Yes ......................................................................................12% No .......................................................................................87% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB5C. Visits to the doctor

Yes ......................................................................................19% No .......................................................................................80% Don’t Know ....................................................................... 2%

[ASK IF NDNB1= YES]

NDNB5D. Emergency room visits

Yes ......................................................................................12% No .......................................................................................87% Don’t Know ....................................................................... 2%

[ASK IF NDNB1= YES]

NDNB5E. Dental expenses

Yes ......................................................................................21% No .......................................................................................77% Don’t Know ....................................................................... 3%

[ASK IF NDNB1= YES]

NDNB5F. Prescription medications

Yes ......................................................................................13% No .......................................................................................87% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= Yes]

NDNE2_B.In dollar terms, how much of your past credit card debt was due to out of pocket medical expenses?

$1,000 or less 58%

$1,001 - $2,500 7%

$2,501 - $5,000 4%

$5,001 - $7,500 0

$7,501 - $10,000 1%

Over $10,000 1%

Don't Know 28%

No answer 0

Mean (excluding 0) $3,136.23

Mean (including 0) $1,021.85

[ASK IF NDNE2_B=DON’T KNOW OR REFUSED]

NDNB2_C. Would you say it is within any of the following ranges?

$1,000 or less .....................................................................66% $1,001 - $2,500 ..................................................................13% $2,501 - $5,000 ................................................................... 6% $5,001 - $7,500 .................................................................... 0 $7,501 - $10,000 ................................................................. 1% Over $10,000 ...................................................................... 3% Don’t Know ......................................................................10%

[ASK IF NDNB1= YES]

NDNB6_01. Which of the following did you use to finally get out of credit card debt?

Savings

Yes ......................................................................................41% No .......................................................................................54% Don’t Know ....................................................................... 2%

[ASK IF NDNB1= YES]

NDNB6_02. Money from a family member or friend

Yes ......................................................................................11% No .......................................................................................83% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB6_03. A loan from a bank or credit union

Yes ......................................................................................12% No .......................................................................................83% Don’t Know ....................................................................... 2%

[ASK IF NDNB1= YES]

NDNB6_04. Refinanced or a second mortgage

Yes ....................................................................................... 8% No .......................................................................................89% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB6_05. A home equity line of credit

Yes ....................................................................................... 9% No .......................................................................................87% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB6_06. Sold car or other valuable items such as jewelry

Yes ....................................................................................... 8% No .......................................................................................88% Don’t Know ....................................................................... 2%

[ASK IF NDNB1= YES]

NDNB6_07. Non-traditional financing such as a pawn shop, payday loan, auto title loan, loan shark

Yes ....................................................................................... 3% No .......................................................................................94% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB6_08. Money from a savings group such as a ROSCA or a susu

Yes ....................................................................................... 2% No .......................................................................................95% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB6_09. Worked extra hours/got extra job

Yes ......................................................................................40% No .......................................................................................58% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB6_10. Stopped going to school

Yes ....................................................................................... 2% No .......................................................................................96% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB6_11. Tax Refund

Yes ......................................................................................36% No .......................................................................................60% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB6_12. Earned Income Tax Credit

Yes ....................................................................................... 9% No .......................................................................................88% Don’t Know ....................................................................... 2%

[ASK IF NDNB1= YES]

NDNB6_13. Life Insurance

Yes ....................................................................................... 1% No .......................................................................................96% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB6_14. Retirement funds

Yes ......................................................................................12% No .......................................................................................85% Don’t Know ....................................................................... 1%

[ASK IF NDNB1= YES]

NDNB6_15. Is there anything else you did or used to get out of credit card debt?

Cut expenses/changed spending habits/stopped reckless spending 13%

Filed bankruptcy 5%

Paid off credit cards 5%

Paid off monthly 4%

Paid extra each month 5%

Stopped using credit/only used cash 4%

Income from employment 4%

Mortgage/refinancing 1%

Got a loan/line of credit 1%

Sold land/property 1%

Used insurance money 1%

Credit counseling 0

Established payment plan/made regular payments 2%

Used savings/retirement accounts 1%

Money from a settlement 1%

Other 2%

Nothing 11%

Don't know 0

Don't know/no answer 46%

[ASK ALL]

NDNA1. Do you currently own or rent your home?

Own ....................................................................................76% Rent .....................................................................................23% Don’t Know ........................................................................ 0

[ASK IF NDNA1=OWN]

NDNB7_NEW. In the past five years, have you refinanced your home, gotten a second home mortgage or taken a home equity line of credit?

Yes ......................................................................................22% No .......................................................................................78% Don’t Know ........................................................................ 0

[ASK IF NDNB7_NEW=YES]

NDNB8_NEW. Did you pay off any credit card debt with the money you received by refinancing your home, getting a second mortgage or taking a home equity line of credit?

Yes ......................................................................................10% No .......................................................................................90% Don’t Know ........................................................................ 0

[ASK IF NDNB8_NEW= YES]

NDNB9_N. At that time, how much credit card debt did you repay?

$1,000 or less 6%

$1,001 - $2,500 8%

$2,501 - $5,000 4%

$5,001 - $7,500 20%

$7,501 - $10,000 6%

Over $10,000 44%

Don't Know 12%

Mean (excluding 0) $19,263.73

Mean (including 0) $19,263.73

[ASK IF NDNB9_N=DON’T KNOW OR REFUSED]

NDNB9_N_1. Would you say it was within any of the following ranges?

$1,000 or less ...................................................................... 6% $1,001 - $2,500 ................................................................... 8% $2,501 - $5,000 ................................................................... 7% $5,001 - $7,500 ..................................................................23% $7,501 - $10,000 ................................................................. 6% Over $10,000 .....................................................................44% Don’t Know ....................................................................... 5%

[ASK ALL]

NDNB13. Let’s move on to your expectations of debt in the future. How confident are you that you will remain free of credit card debt in the future – are you very confident, somewhat confident, not very confident, or not at all confident?

Very confident ..................................................................68% Somewhat confident ........................................................23% Not very confident ............................................................ 7% Not at all confident ........................................................... 1% Don’t Know ....................................................................... 1%

[ASK IF NDNB13= VERY OR SOMEWHAT CONFIDENT]

NDNB14. Why are you confident that you will remain free of credit card debt?

Expenditures under control .................................................................................................................69% Children grown/off on their own .......................................................................................................27% Inheritance or gift or money ................................................................................................................. 5% Income is adequate to avoid credit card debt ...................................................................................60% Decreased amount of other debt to pay off ......................................................................................15% Income is higher now than it was before ...........................................................................................18% You or your partner is no longer unemployed................................................................................... 5% You have health insurance ...................................................................................................................46% Your expenses have decreased ............................................................................................................24% No longer paying for child care ............................................................................................................ 8% No longer paying for college ................................................................................................................13% You or your partner finished school...................................................................................................10% You now have savings to tap for emergency expenses ...................................................................51% Other (please specify) ............................................................................................................................. 5% Don’t Know ............................................................................................................................................. 3%

[ASK IF NDNB13=NOT VERY OR NOT AT ALL CONFIDENT]

NDNB15. Why are you not confident that you will remain free of credit card debt?

You or your partner could always lose a job ...........................................................................................38% Starting up a new business or running an existing business .................................................................. 1% There’s always the chance of unexpected expenses ...............................................................................66% The car could break down and need repair .............................................................................................31% House is going to need repairs soon ........................................................................................................35% Tuition or other school-related expenses for a child who is of high school

age or younger .......................................................................................................................................... 0 Tuition or expenses for college for a child ................................................................................................ 0 Tuition or expenses for a spouse or partner or yourself .......................................................................13% Will need money to give to, or be used to pay the debts of relatives living

outside of your household ....................................................................................................................11% Need to purchase a major household appliance such as a refrigerator, a

dishwasher, or an air conditioner. .......................................................................................................21% You’re planning a vacation ......................................................................................................................... 6% You’re going to buy flat screen TV, or some other big-ticket item ...................................................... 0 Someone in the household recently diagnosed with major illness ......................................................10% Other (please specify) .................................................................................................................................18% Don’t Know .................................................................................................................................................. 5%

[SHOW ALL]

We would now like to ask you about your recent experiences with making payments on credit cards.

[SHOW ALL]

Again, please answer each question based on the credit cards that both you and your spouse or partner have now or had in the past. If you are unsure of the credit card status of your spouse or partner, please answer the questions to the best of your ability.

As a reminder, all of your answers will be kept strictly confidential and never associated with your name.

[ASK ALL] [NUMBER BOX] [RANGE: 1-96]

NDNC1. How many credit cards do you currently have? Please keep in mind that store and gas cards on which you don’t have to pay off the entire balance at the end of the month count as credit cards.




10+ credit cards 3%

Don't Know 3%

No answer 1%

Mean Number Of Credit Cards 3.19

[ASK ALL]

NDNC2. How many times in total did you use all of your credit cards in the past month? We are talking about ALL credit cards you used, even cards that are not currently active.

0-5 times 46%

6-10 times 15%

11-20 times 14%

21-30 times 7%

31-50 times 5%

51-100 times 2%

Over 100 times 0

Don't Know 9%

No answer 0

Mean (excluding 0) 14.99

[ASK IF NDNC2=DON’T KNOW OR REFUSED]

NDNC2A. Would you say it was within any of the following ranges?

0 - 5 .....................................................................................48% 6 - 10 ...................................................................................16% 11 - 20 .................................................................................17% 21 - 30 .................................................................................. 8% 31 - 50 .................................................................................. 6% 51 – 100 ............................................................................... 3% Over 100 .............................................................................. 0 Don’t Know ....................................................................... 1%

[ASK ALL]

NDNC3. In the past year, how many times have you missed or been late on a payment and had to pay a late fee as a result?

0 times 91%

1-2 times 6%

3-5 times 1%

More than 5 times 0

Don't Know 1%

No answer 0

Mean number of times (excluding 0) 2

Mean number of times (including 0) 0.15

[ASK IF NDNC3>0]

NDNC5. Did your interest rate go up on the card or any of the cards on which you missed or sent in a late payment?

Yes ......................................................................................20% No .......................................................................................53% Don’t Know ......................................................................27%

[ASK IF NDNC3>0]

NDNC6. When you missed a payment on one card, did your interest rate go up on any other card on which your payment was not late?

Yes ....................................................................................... 5% No .......................................................................................64% Don’t Know ......................................................................30%

[SHOW ALL] Now, we have a few questions about things that people might experience when dealing with debt. [ASK ALL] NDNC8. Have you ever been evicted due to non-payment of rent or had your home foreclosed?

Yes ....................................................................................... 2% No .......................................................................................98% Don’t Know ........................................................................ 0

[ASK ALL] NDNC9. Have you ever declared bankruptcy?

Yes ....................................................................................... 5% No .......................................................................................94% Don’t Know ........................................................................ 0

[ASK ALL] NDNC10. Have you ever entered into a settlement agreement with a credit card company?

Yes ....................................................................................... 4% No .......................................................................................95% Don’t Know ....................................................................... 1%

[ASK ALL] NDNC11. Have you ever been called by bill collectors?

Yes ......................................................................................18% No .......................................................................................81% Don’t Know ........................................................................ 0

[ASK ALL] NDNC12. Have you ever had a car or other item repossessed?

Yes ....................................................................................... 3% No .......................................................................................96% Don’t Know ........................................................................ 0

[SHOW ALL] The next series of questions deals with different kinds of circumstances or expenses that households have. Thinking about the past three years, please tell us whether you or another member of your household has incurred expenses relating to each of the following items.

[Ask All]

NDND01. A layoff or the loss of a job

Yes ......................................................................................14% No .......................................................................................84% Don’t Know ........................................................................ 0

[ASK ALL] NDND02. Starting up a new business or running an existing business

Yes ....................................................................................... 6% No .......................................................................................93% Don’t Know ........................................................................ 0

[ASK ALL] NDND03. Car repairs

Yes ......................................................................................62% No .......................................................................................36% Don’t Know ....................................................................... 1%

[ASK ALL] NDND04. Home repairs

Yes ......................................................................................53% No .......................................................................................45% Don’t Know ....................................................................... 1%

[ASK ALL] NDND06. Tuition or expenses for college for a child

Yes ....................................................................................... 8% No .......................................................................................92% Don’t Know ........................................................................ 0

[ASK ALL] NDND07. Tuition or expenses for college for a spouse or partner, or yourself

Yes ......................................................................................11% No .......................................................................................87% Don’t Know ........................................................................ 0

[ASK ALL] NDND08. Money given to, or used to pay the debts of relatives

Yes ......................................................................................19% No .......................................................................................80% Don’t Know ....................................................................... 1%

[ASK ALL] NDND09. A major household appliance purchase such as a refrigerator, a dishwasher, or an air

conditioner

Yes ......................................................................................43% No .......................................................................................56% Don’t Know ....................................................................... 1%

[ASK ALL] NDND10. Major purchase of a non-essential good or service, such as a vacation, flat screen TV or other big-ticket item

Yes ......................................................................................58% No .......................................................................................41% Don’t Know ....................................................................... 1%

[ASK ALL] NDND11. Smaller purchases non-essential goods or services that can add up over time, such as meals at restaurants, movies, DVDs, clothes, and other such expenses

Yes ......................................................................................71% No .......................................................................................27% Don’t Know ....................................................................... 1%

[ASK ALL] NDND12. Now thinking only about the past year, have you used credit cards to pay for basic living expenses, such as rent, mortgage payments, groceries, utilities, and insurance because you didn’t have money in your checking or savings account?

Yes ......................................................................................18% No .......................................................................................82% Don’t Know ........................................................................ 0

[ASK IF NDND12=YES]

NDND13. In how many months out of the last 12 did this happen?

1-2 months 21%

3-5 months 14%

6-9 months 5%

10-12 months 49%

Don't Know 11%

Mean months (excluding 0) 7.85

[SHOW ALL] Now we are going to ask you some questions about specific types of out of pocket medical expenses you might have incurred in the past three years. By out of pocket expenses, we mean all expenses related to medical care for yourself or another member of your household EXCLUDING health insurance premiums, over the counter drugs or costs that you will be reimbursed for. Did you incur out of pocket expenses for… [ASK ALL] NDNE1A. Hospital stays

Yes ......................................................................................22% No .......................................................................................77% Don’t Know ....................................................................... 1%

[ASK ALL] NDNE1D. Visits to the doctor

Yes ......................................................................................62% No .......................................................................................36% Don’t Know ....................................................................... 1%

[ASK ALL] NDNE1E. Emergency room visits

Yes ......................................................................................22% No .......................................................................................77% Don’t Know ....................................................................... 1%

[ASK ALL] NDNE1F. Dental expenses

Yes ......................................................................................66% No .......................................................................................33% Don’t Know ........................................................................ 0

[ASK ALL] NDNE1G. Prescription medications

Yes ......................................................................................69% No .......................................................................................30% Don’t Know ........................................................................ 0

[ASK ALL]

NDNE2. Now think about the past year, how much did you spend on out of pocket medical expenses?

$1,000 or less 51%

$1,001 - $2,500 14%

$2,501 - $5,000 8%

$5,001 - $7,500 2%

$7,501 - $10,000 1%

Over $10,000 1%

Don't Know 22%

No answer 0



[ASK IF NDNE2=DON’T KNOW OR REFUSED]

NDNE2_A. Would you say it was within any of the following ranges?

$1,000 or less .....................................................................62% $1,001 - $2,500 ..................................................................19% $2,501 - $5,000 ..................................................................11% $5,001 - $7,500 ................................................................... 3% $7,501 - $10,000 ................................................................. 1% Over $10,000 ...................................................................... 1% Don’t Know ....................................................................... 3%

[ASK ALL] NDNE3. Do you have any outstanding medical debt?

Yes ....................................................................................... 8% No .......................................................................................92% Don’t Know ........................................................................ 0

[ASK IF NDNE3=YES]

NDNE4. In dollar terms, how much money in outstanding medical debt do you have?

$1,000 or less 47%

$1,001 - $2,500 24%

$2,501 - $5,000 9%

$5,001 - $7,500 1%

$7,501 - $10,000 2%

Over $10,000 2%

Don't Know 15%

Mean $1,739.38

[ASK IF NDNE4=DON’T KNOW OR REFUSED]

NDNE4a. Would you say it is within any of the following ranges?

$1,000 or less .....................................................................52% $1,001 - $2,500 ..................................................................27% $2,501 - $5,000 ..................................................................12% $5,001 - $7,500 ................................................................... 1% $7,501 - $10,000 ................................................................. 2% Over $10,000 ...................................................................... 3% Don’t Know ....................................................................... 4%

[SHOW ALL] In the past year, have you or a member of your household tried to reduce medical expenses by doing any of the following… [ASK ALL] NDNE5a. Did not fill a prescription or postponed filling a prescription

Yes ......................................................................................12% No .......................................................................................87% Don’t Know ....................................................................... 1%

[ASK ALL] [SP] NDNE5b. Did not go see doctor or visit a clinic when you had a medical problem

Yes ......................................................................................16% No .......................................................................................83% Don’t Know ....................................................................... 1%

[ASK ALL] [SP] NDNE5c. Skipped medical test, treatment or follow up

Yes ......................................................................................13% No .......................................................................................86% Don’t Know ....................................................................... 1%

[ASK ALL]

NDNE7. In the past year, which of the following have you used to deal with unexpected expenses of any kind?

Savings 65%










Tax refund 27%


Life Insurance 1%


Mean number of ways 2.13

[SHOW ALL] The next questions are about your household’s savings. When answering these questions, we would like you to think about yourself and other members of your household.

As a reminder, all of your answers will be kept strictly confidential and never associated with your name. [ASK ALL] NDDG4. Are you currently saving money on a monthly basis?

Yes ......................................................................................63% No .......................................................................................35% Don’t Know ........................................................................ 0

[ASK IF NDDG4=YES]

NDDG5. On average, how much money are you saving each month?

$1-$50 6%

$51-$100 17%

$101-$200 18%

$201-$500 27%

$501-$1,000 11%

$1,000+ 5%

Don't Know 17%

No answer 1%

Mean (excluding 0) $424.30

[ASK IF NDDG4=YES]

NDDG3. Why are you saving?

Ordinary living expenses/bills ...................................................................................................................32% In case of unexpected expenses or needs; emergencies; “rainy days” ................................................75% Buy a house or home improvement .........................................................................................................18% To pay off house........................................................................................................................................... 6% Buy a car or car maintenance .....................................................................................................................21% Vacations/ holidays/ special occasions ...................................................................................................42% Children education ......................................................................................................................................10% Own (or spouse) education ......................................................................................................................... 4% Retirement ....................................................................................................................................................46% Investments reasons ....................................................................................................................................17% To meet contractual commitments (debt repayment, insurance, taxes, etc.) ...................................... 9% Wise/prudent thing to do; good discipline to save; habit .....................................................................55% Liquidity; to have cash available/on hand ...............................................................................................33% No reason [SP] ............................................................................................................................................. 1% Other (please specify) .................................................................................................................................. 1% Don’t Know .................................................................................................................................................. 1%

[ASK IF NDDG4=NO]

NDDG6. Which of the following best describes why you are not saving on a monthly basis?

There is no money left over after paying all the bills .............................................................................40% You don’t feel the need to put money away in savings .........................................................................19% You used to save regularly, but your monthly costs have risen in the past

year so you no longer have money left over to save ........................................................................15% You used to save regularly, but your income has dropped in the past year so

you no longer have money left over to save ......................................................................................17% Don’t Know .................................................................................................................................................. 9%

[ASK ALL]

NDDG7. Compared to three years ago, has it become easier or harder for you to save money?


[ASK ALL]

NDDG8. Compared to one year ago, has it become easier or harder for you to save money?


[END NON-DEBTED SECTION]

CREDIT CARD ACT SECTION, INCLUDES BOTH DEBTED AND NON-DEBTED LOW- AND MIDDLE-INCOME HOUSEHOLDS

[SHOW ALL][INTRO] Now we are going to move onto another section in this survey. The following section is about credit cards and the 2009 Credit CARD Act.

[ASK ALL]

N1. A new law was passed in 2009 that required credit card companies to include more information on billing statements, such as how long it would take you to pay off your current credit card balance if you were to only make minimum monthly payments.

Would you say this new information has caused you to…

Debted Sample Non-Debted Sample

Pay more towards your credit card balance in the typical month 33% 6%

Pay less towards your credit card balance in the typical month 2% 0

Has not influenced your payment behavior 54% 77%

Have not noticed the new information 10% 17%

Don't know/no answer 1% 0

[ASK ALL]

N2. The new law also limited the fees that credit card companies can charge. For example, companies are now required to provide 21 days between the time they mail a bill and when they charge a late fee.

In the last two years have you…


Been charged late fees less often 26% 9%

Been charged late fees the same 27% 26%

Been charged late fees more often 4% 1%

Don't know, have not paid attention to late fees 39% 60%

Don't know/no answer 4% 5%

[ASK ALL] N3. The law also states that companies must deny the charge and stop charging fees when

consumers go over their credit limit, unless consumers specifically say they want to be allowed to go over the limit and are willing to pay a fee.



Been charged over-the-limit fees less often 22% 7%

Been charged over-the-limit fees the same 22% 22%

Been charged over-the-limit fees more often 2% 0

Don't know, have not paid attention to over the limit fees 49% 65%


[ASK ALL]] N4. The law also limits the ability of credit card companies to increase your interest rate. For

example, a company must now use only the current month’s balance to calculate interest charges, and they must apply all payments over the monthly minimum to the balance that carries the highest interest rate.



Been charged less interest on your credit cards 16% 5%

Been charged the same interest on your credit cards 36% 26%

Been charged more interest on your credit cards 13% 4%

Don't know, have not paid attention to interest rates on my card 34% 61%


[ASK ALL] N5. In the last two years have you had your interest rate increased because of a late payment?


Yes 14% 3%

No 85% 96%

Don't know/no answer 0 1%

[ASK IF N5=YES] N5a. Has getting your interest rate increased because of a late payment changed how frequently

you used the card?


Yes 74% 80%

No 26% 20%

[ASK ALL] N6. Over the past several years, credit card companies have reduced the amount of credit

available to consumers.

In the last three years, have you…


Had credit cards cancelled 11% 2%

Had your credit limit reduced 22% 6%

Applied for and been denied a credit card 20% 6%

None of the above 60% 89%


[ASK IF N6≠NONE OF THE ABOVE] N7. What impact did these reductions in your credit have?


Reduced spending you would have charged to your credit card 48% 37%

Applied for new credit cards to keep spending at the same level 5% 8%

Sought other sources of credit, such as a pawnshop or payday loan to keep spending at the same level 9% 6%

Took money out of savings to keep spending at the same level 9% 11%

No impact 41% 49%


[SHOW ALL] Now we have a few questions for you in regard to credit cards and loans.

[ASK ALL] N8. Have you paid a utility bill (such as your gas or electric bill) late in the last year?


Yes 34% 12%

No 66% 87%

Don't know/no answer 0 1%

[ASK IF N8=YES] N8a. You just mentioned you paid a utility bill late in the last year, how many months late was the bill? If you have paid more than one utility bill late in the last year, how many months late was the latest bill?


1 month 63% 59%

2-3 months 17% 13%

4 or more months 3% 2%

Don't Know 16% 25%

No answer 1% 2%

Mean months (excluding 0) 1.46 1.56

[ASK ALL] N9. In the past three years has there been a time when you or a member of your household

wanted to work full time but were working less than full-time due to a reduction in your hours or an inability to find a full-time job?


Yes 35% 16%

No 65% 84%


[ASK ALL] N10. In the past three years have you co-signed on a credit card for a friend or relative?


Yes 4% 2%

No 96% 98%


[ASK IF N10=YES] N10a. Has the person you co-signed for on a credit card fallen behind or defaulted on payments?


Yes 30% 6%

No 70% 94%

[ASK IF N10A=YES] N10b. You just mentioned the person you co-signed on a credit card for has fallen behind or

defaulted on payments, has this contributed to your credit card debt?


Yes 72% 58%

No 22% 42%


[SHOW ALL] Now we are going to ask you some questions about your credit score and credit report. Credit reports contain information about all of your credit accounts over the past seven years as well as information about any bankruptcies or foreclosures. Your credit score is a number based on this credit report information.

[SHOW ALL] The information you provide us will be extremely valuable to advocate for public policies that would better protect people against exploitative practices by credit card companies and support people’s efforts to save and build assets.

As a reminder, all of your answers will be kept strictly confidential and never associated with your name. [ASK ALL] N11. Do you know what your personal credit score is?


Yes 40% 40%

No 59% 59%


[ASK ALL] N12. What range is your credit score?


Between 800 and 850 13% 44%

Between 700 and 799 42% 43%

Between 680 and 699 14% 4%

Between 620 and 679 13% 3%

Between 580 and 619 9% 1%




[ASK ALL] N13. Which best describes your credit score?


Excellent 21% 61%

Good 40% 27%

Fair 21% 7%

Poor 16% 3%


[ASK ALL] N14. Which of the following best describes changes in your credit score over the past three

years?


My credit score has improved a lot 9% 7%

My credit score has improved somewhat 25% 20%

My credit score has remained the same 39% 66%

My credit score has declined somewhat 15% 2%

My credit score has declined a lot 10% 2%


[ASK ALL] N15. Do you worry about your credit score? For example, do you worry that you will be denied a

loan or have to pay more for services because of poor credit?


Yes 40% 11%

No 60% 88%


[ASK ALL] N16. Are you aware that some employers now use credit information to evaluate job applicants

and make other employment decisions?


Yes 70% 59%

No 28% 39%


[ASK ALL] N17. Has an employer ever requested to check your credit report as part of a job application?


Yes 14% 9%

No 71% 77%

Don't know 13% 13%

No answer 2% 1%

[ASK ALL] N18. Have you ever been told by an employer that you would not be hired for a job because of

information in your credit report?


Yes 2% 2%

No 96% 96%


[ASK ALL] N19. Have you ever been told by an employer that you were being fired or turned down for a

promotion because of information in your credit report?


Yes 2% 0%

No 98% 98%


[ASK ALL] N20. Have you ever been told by a hospital or other health care facility that information in your

credit report was affecting how they had chosen to bill you for health services?


Yes 2% 1%

No 97% 98%


[ASK ALL] N21. Some people feel that employers should not be allowed to look at a job applicant’s credit

report because credit information is personal, and people who have had trouble paying their bills need jobs the most. Others say that knowing a job applicant’s credit history is a valuable tool for employers trying to make a decision about whether to hire someone. What is your opinion? Do you think employers should or should not be allowed to check a job applicant’s credit report?


I agree that employers should be able to look at job applicants’ credit reports 18% 24%

I do not agree that employers should be able to look at job applicants’ credit reports 75% 59%

Don't Know 7% 17%


[ASK IF N13=POOR] N22. Earlier you mentioned you have a poor credit score, which of the following contributed to

your poor credit score?


I declared bankruptcy sometime in the last 7 years 16% 55%

I've been late paying my credit card bills 61% 21%

I've been late with mortgage payments 33% 76%

I've been late with my rent payments 12% 20%

I've been late paying my utilities 30% 31%

I've been late paying other bills such as cable or phone 38% 18%

I have an unpaid medical bill or medical debt 55% 17%

I've been late on my student loan payments 18% 3%

I've used nearly all or all of my existing credit lines 38% 15%

I've been foreclosed on in the last 7 years 8% 8%

I have errors on my credit report 12% 32%

Don't Know 4% 0

No answer 13% 30%

[SHOW ALL] Now we would like to ask you some demographic questions. [ASK ALL]

DF7. Are you currently……


Working full-time 53% 41%

Working part-time 16% 11%

Not employed at all 30% 48%

[ASK IF DF7=NOT EMPLOYED AT ALL]

DF7a. Is that mainly because you are……


Retired 15% 35%

A homemaker 4% 4%

A student 0 1%

Temporarily unemployed 4% 4%

Disabled 5% 2%

Don't have proper documentation 0 0

Choose not to work 1% 0

Self-employed 0 0

Long term unemployed 0 0

Other 0 0

No answer 1% 0

[ASK ALL]

DF8. In the past three years, have you or a member of your household lost a job and been unemployed for at least 2 months?


Yes 33% 18%

No 66% 81%

Don't Know/No Answer 0% 1%

[ASK IF DF8=YES]

DF8a. In the past year have you or a member of your household lost a job and been unemployed at least 2 months?


Yes 21% 10%

No 79% 90%

[ASK ALL]

DF9. In the past three years, have you had a major medical expense for yourself or a member of your household?


Yes 37% 31%

No 61% 68%


[ASK IF DF9=YES]

DF9a. In the past year, have you had a major medical expense for yourself or a member of your household?


Yes 27% 22%

No 73% 77%

[ASK ALL] DF10. In the past three years, have you or anyone in your household been without health

insurance?


Yes 34% 15%

No 65% 84%


[ASK IF DF10=YES] DF10a. In the past year, have you or anyone in your household been without

health insurance?


Yes 27% 12%

No 73% 88%

[ASK IF DF10=YES] DF10b. Are you, or anyone in your household, currently without health insurance?


Yes 22% 8%

No 78% 92%

[ASK ALL]

DF14_NEW. How many children under the age of 5 are living in your household?


0 children 81% 88%

1 child 10% 6%

2 children 5% 3%

3+ children 2% 1%


Mean (excluding 0) 1.53 1.51

Mean (including 0) 0.27 0.16

[ASK IF DF14_NEW>0]

DF14a. What are your monthly childcare expenses?


$50 or less 39% 39%

$51 to $100 5% 5%

$101 to $150 4% 4%

$151 to $200 6% 2%

$201 to $250 1% 0

$251 to $300 1% 1%

$301 to $350 0 3%

$351 to $400 5% 4%

$401 to $450 1% 0

$451 to $500 1% 5%

$501 to $550 1% 0

$551 to $600 6% 0

More than $600 11% 5%


Mean ($) (excluding 0) $571.05 $444.10

Mean ($) (including 0) $313.03 $200.45

[ASK IF DF14A=DON’T KNOW OR REFUSED]

DF14a_1. Is it in any of these ranges?


$50 or less 40% 45%

$51 to $100 7% 5%

$101 to $150 9% 10%

$151 to $200 6% 2%

$201 to $250 5% 0

$251 to $300 2% 2%

$301 to $350 0 4%

$351 to $400 5% 4%

$401 to $450 1% 5%

$451 to $500 2% 5%

$501 to $550 1% 0

$551 to $600 6% 0

More than $600 11% 7%


[ASK ALL]

DF15. What kind of health insurance or health care coverage do you have?


Health Insurance (Net) 59% 56%

Health insurance through your work or union 49% 48%

Health insurance through someone else's work or union 10% 10%

A plan that you or someone else buys on your own 6% 12%

Medicare 19% 34%

Medi-Gap 2% 5%

A COBRA plan 1% 0

Medicaid or Medical Assistance 3% 4%

The Indian Health Service (or the Alaska Native Health Service) 0 0

Military health care (TRICARE/VA/CHAMP-VA) 5% 5%

State-sponsored health plan 3% 2%

Other government program 1% 1%

PPO 0 0

Secondary/supplemental 0 1%

Humana 0 0

United Health Care 0 0

HMO 0 1%

Other 1% 1%

No coverage of any type 12% 5%

Don't Know 1% 1%

No answer 1% 0

[Show All]

Finally, we would like to ask you questions about your household’s income and assets. In answering these questions, we would like you to think about your income in 2011.

As a reminder, all of your answers will be kept strictly confidential and never associated with your name.

[ASK IF DD4=HOMEOWNER]

DI7. You mentioned earlier that you are a homeowner. Could you tell me the resale value of your home?


<$50,000 6% 2%

$50,000 - $99,999 17% 9%

$100,000 - $149,999 18% 17%

$150,000 - $199,999 11% 14%

$200,000 - $299,999 9% 12%

$300,000 - $499,999 5% 11%

$500,000+ 1% 3%


Mean ($) $143,840.41 $201,823.38

Median ($) $125,115.83 $161,057.16

[ASK IF DD4=HOMEOWNER]

DI7a. What is the outstanding amount of mortgage debt on your home?


0 32% 33%

$1 - $50,000 15% 10%

$50,000 - $99,999 20% 13%

$100,000 - $149,999 13% 11%

$150,000 - $199,999 11% 3%

$200,000 - $299,999 6% 3%

$300,000 - $499,999 1% 1%

$500,000+ 0 0


Mean ($) $108,959.93 $98,691.21

Median ($) $93,015.69 $87,168.38

[ASK ALL]

DI8C. How much money in total do you have in a savings account? Please do not include money that you have in IRAs or 401(k) plans or employer provided pension plans.


0 30% 8%

$1 to $1,000 25% 7%

$1,001 to $5,000 15% 13%

$5,001 to $10,000 3% 9%

$10,001 to $25,000 5% 13%

$25,001 to $50,000 2% 11%

$50,001 to $100,000 1% 5%

Over $100,000 1% 6%


Mean ($) $13,074.84 $41,687.52

Median $1,228.23 $15,147.81

[ASK IF DI8C=DON’T KNOW OR REFUSED]

DI8D. Is it in any of these ranges?


$5,000 or less 75% 32%

$5,001 to $10,000 4% 10%

$10,001 to $25,000 6% 15%

$25,001 to $50,000 3% 13%

$50,001 to $100,000 2% 8%

Over $100,000 2% 8%

Don't Know 7% 13%

No answer 1% 1%

[SHOW IF N18=YES]

Earlier you mentioned you were told by an employer that you would not be hired for a job because of information in your credit report. [ASK IF N18=YES]

D19. Would you be interested in potentially being contacted in the next few months about this topic?

Yes, I am interested ............................................................ X No, I am not interested ..................................................... X

Documents

FINDINGS FROM THE D 2012 NATIONAL SURVEY … · withdraw money from your account do not qualify as credit cards; these cards are called debit cards. The survey’s sponsor, Dēmos,