Personal Finance News
Survey: 72% of Consumers Resolve to Pay Down Debt in 2025
A recent survey asked consumers about their financial resolutions as 2025 approaches.
About the survey results:
According to a survey conducted by BadCredit.org, nearly three-quarters (72%) of consumers have a goal to pay down at least a portion of their debt in 2025. In particular, 49% say they intend to prioritize decreasing their credit card debt. As for how respondents plan to achieve this goal, 46% intend to increase their monthly payments, while 41% said they will cancel some of their subscription services in order to save money. Additionally, 26% say they’ll participate in no-spend challenges next year, while 15% want to try the “loud budgeting method” — which includes vocalizing financial goals.
Elsewhere in the survey, consumers were asked about what personal finance habits they planned to leave behind in the new year. One-third of respondents said they’d be abandoning “buy now, pay later” (BNPL) services. Meanwhile, 28% intend to stop “doom spending” and 23% say they will stop seeking out advice from so-called “finfluencers.”
Zooming out, a majority of those surveyed also expressed a positive outlook for the economy at large. Overall, 63% said they were optimistic about the U.S. economy in 2025. Some of the reasons provided for why they believed this included seeing economic growth (34%) and the election of President Donald Trump (31%).
Finally, asked how confident they are about being able to accomplish their 2025 financial resolutions, 73% said they are somewhat or very confident about sticking to their goal.
What they’re saying:
Commenting on the survey results and how consumers can improve their finances in 2025, BadCredit.org personal finance expert and CFP Bobbi Rebell said, “Even a simple financial resolution can have a major life impact beyond money. These small changes can shift our relationship and financial habits in a positive way.”
Rebell continued, “As we head into the New Year, I encourage individuals to review their current financial situation and work on a plan that supports their unique needs. Don’t hesitate to explore educational resources to learn more or enlist the support of a professional that can help chart both short-and long-term goals.”
My thoughts:
It’s really no surprise that a significant number of Americans are again putting financial aspirations at the top of their New Year’s Resolution list (including paying down debt). Alas, while I sincerely hope that the 73% of respondents are able to meet their goals, history has shown us that this is unlikely. Having said that, the number of financial tools and apps that are now available to consumers can certainly have a positive impact, so perhaps this percentage isn’t as unattainable as it may seem.
On a personal note, even as someone who writes about finance, I had never heard of the “loud budgeting method.” Nevertheless, I can definitely see how it could be effective as it encourages consumers to set boundaries, while also inviting others to hold them accountable. I’m all for normalizing talking about money openly and honestly — so here’s to making this concept more popular in 2025.
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