Table of Contents
Scope and Themes
-
- What you need to know
- Data sources
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
-
- The market
-
- Figure 1: Incidence of debt in households, by type of debt, April 2013
- Figure 2: Composition of U.S. consumer debt, Q4 2012
- Market drivers
-
- Figure 3: Case Shiller 20-city home price index, 1/1/2000-4/1/2013
- The consumer
-
- Figure 4: Goals and behaviors concerning debt, April 2013
-
- Figure 5: Agreement with attitudes toward debt, April 2013
- Differences by demographic groups
- What we think
Issues in the Market
-
- Millennials are looking for advice and online tools
- A secondary target are those aged 55+
- Brainstorm for ways to enrich the lives of the “stressed out”
Trend Applications
-
- Trend: Totophobia
- What we've seen
- Trend: The Nouveau Poor
- What we've seen
- Mintel Futures: Brand Intervention
- What we've seen
Current Economic Environment
-
- Key points
- The economy is growing, but slowly
-
- Figure 6: U.S. real gross domestic product, Q1 2000-Q1 2013
- Unemployment has improved, but still not optimal
-
- Figure 7: U.S. unemployment and underemployment rates, January 2007-June 2013
- Figure 8: U.S. employment to population ratio, January 2003-May 2013
- Other economic factors
- There is an improvement in consumer mood
-
- Figure 9: Consumer confidence, May 2007-May 2013
- Figure 10: Auto and light truck sales, 2000-12
-
- Figure 11: Privately owned residential housing starts, 2000-12
- Figure 12: Existing home sales, 2000-12
-
- Figure 13: Median sale price of existing homes, 2000-12
Consumers and Household Debt
-
- Key points
- Incomes are back to 1990 levels
-
- Figure 14: Median U.S. household income, 1990-2011
- Revolving debt has stabilized
-
- Figure 15: Total consumer credit owned and securitized, 1/1/1943-5/1/2013
-
- Figure 16: U.S. revolving consumer debt, 1/1/1968-5/1/2013
-
- Figure 17: Composition of U.S. debt balances, housing and non-housing debt, Q1 2004-Q4 2012
-
- Figure 18: Composition of non-mortgage debt, Q1 2004-Q1 2013
-
- Figure 19: Percent of balance 90+ days delinquent by loan type, Q1 2003-Q4 2012
-
- Figure 20: Number of consumers with new foreclosures and bankruptcies, Q1 2003-Q4 2012
- Total household wealth has recovered, but unevenly
Innovations and Innovators
-
- Key points
- Healing the mortgage market
- New credit card offers to help homebuyers, seniors
- AARP Chase Credit Card
- Chase My New Home App
- Well Fargo Home Rebate Card
- Reward for debit card users
- BankAmeriDeals
- Debit card cash back offers from Chase
- SunTrust’s SkyMiles
- E-Central Credit Union $20 grocery card
- Disney Debit from Chase
- American Express Prepaid Card
Marketing Strategies
-
- Key points
- Overview
- Prepaid cards
-
- Figure 21: Chase Liquid reloadable prepaid card online ad, 2013
- Figure 22: Magic Card from OneWest Bank email ad, 2013
-
- Figure 23: American Express prepaid stored value card email ad, 2013
- Debit cards
-
- Figure 24: Citizens Bank debit card direct mail ad, 2013
- Figure 25: PNC Purchase Payback online ad, 2013
-
- Figure 26: Visa Debit Card online ad, 2013
- Figure 27: Visa Debit Card online ad, 2013
- Payday loans
-
- Figure 28: 100DayLoans email ad, 2013
- Mortgages and home equity loans
-
- Figure 29: Prospect Mortgage email ad, 2013
- Figure 30: Northwest Savings Bank Home Equity Loan direct mail ad, 2013
- Educational loans
-
- Figure 31: Sallie Mae Smart Option student loan direct mail ad, 2013
Consumer Optimism about Household Finances
-
- Key points
- Fewer state they are worse off than during and after the recession
-
- Figure 32: Attitudes about household financial situation as compared to the year prior, 2007-12
-
- Figure 33: Attitudes about household financial situation as compared to the year prior, by age, November 2012
- Optimism is growing about the financial future of households
-
- Figure 34: Level of optimism about household financial situation in next 12 months, overall, 2007-12
-
- Figure 35: Level of optimism about household financial situation in next 12 months, by age, November 2012
- Millennials more likely than others to be planning large purchases
-
- Figure 36: Likelihood of purchasing a big-ticket item in the next 30 days, by age, November 2012
-
- Figure 37: Likelihood of purchasing a medium-ticket item in the next 30 days, by age, November 2012
Attitudes toward Finances and Debt
-
- Key points
-
- Figure 38: Attitudes toward personal finances (any agree), by age, November 2012
Types of Consumer Debt—Overall and by Gender
-
- Key points
- Three in four households have debt
-
- Figure 39: Incidence of secured and unsecured debt in households, overall, April 2013
-
- Figure 40: Incidence of secured and unsecured debt in households, by gender, April 2013
- Secured debt
-
- Figure 41: Types of secured household debt, by gender, April 2013
-
- Figure 42: Amount of household secured debt, by gender, April 2013
-
- Figure 43: Percentage of home mortgage holders with underwater mortgages, by gender, April 2013
- Unsecured debt
-
- Figure 44: Types of unsecured household debt, by gender, April 2013
-
- Figure 45: Amount of unsecured household debt, by gender, April 2013
-
- Figure 46: Agreement with statements about credit card behavior, credit card holders who revolve a balance, by gender, April 2013
Attitudes about Debt by Gender
-
- Key points
- Attitudes about personal debt situation
-
- Figure 47: Attitudes toward personal debt situation, by gender, April 2013
-
- Figure 48: Intentions for paying off debt, by gender, April 2013
- Attitudes about debt in general
-
- Figure 49: Agreement with attitudes toward debt, by gender, April 2013
-
- Figure 50: Attitudes toward savings, by gender, April 2013
-
- Figure 51: Agreement with statements about retirement savings and pensions, by gender, April 2013
-
- Figure 52: Impact of various types of debt on ability to save for retirement, by gender, April 2013
- Interest in assistance in reducing debt
-
- Figure 53: Interest in products and services for debt reduction assistance, by gender, April 2013
Types of Consumer Debt by Age
-
- Key points
- Those aged 25-44 have the most debt
-
- Figure 54: Incidence of secured and unsecured debt in households, by age, April 2013
- Secured debt
-
- Figure 55: Types of secured household debt, by age, April 2013
-
- Figure 56: Amount of household secured debt, by age, April 2013
-
- Figure 57: Percentage of home mortgage holders with underwater mortgages, by age, April 2013
- Unsecured debt
-
- Figure 58: Types of unsecured household debt, by age, April 2013
-
- Figure 59: Amount of unsecured household debt, by age, April 2013
-
- Figure 60: Agreement with statements about credit card behavior, credit card holders who revolve a balance, by age, April 2013
Attitudes about Debt by Age
-
- Key points
-
- Figure 61: Attitudes toward personal debt situation, by age, April 2013
- Figure 62: Intentions for paying off debt, by age, April 2013
-
- Figure 63: Agreement with attitudes toward debt, by age, April 2013
- Savings versus debt
-
- Figure 64: Attitudes toward savings, by age, April 2013
-
- Figure 65: Agreement with statements about retirement savings and pensions, by age, April 2013
- Figure 66: Impact of various types of debt on ability to save for retirement, by age, April 2013
- Interest in ways to combat debt
-
- Figure 67: Interest in products and services for debt reduction assistance, by age, April 2013
Types of Consumer Debt by Household Income
-
- Key points
- The middle income groups are debt strapped
-
- Figure 68: Incidence of secured and unsecured debt in households, by household income, April 2013
- Secured debt
-
- Figure 69: Types of secured household debt, by household income, April 2013
-
- Figure 70: Amount of household secured debt, by household income, April 2013
-
- Figure 71: Percentage of home mortgage holders with underwater mortgages, by household income, April 2013
-
- Figure 72: Types of unsecured household debt, by household income, April 2013
-
- Figure 73: Amount of unsecured household debt, by household income, April 2013
-
- Figure 74: Agreement with statements about credit card behavior, credit card holders who revolve a balance, by household income, April 2013
Attitudes about Debt by Household Income
-
- Key points
- Middle income groups most stressed out by debt
-
- Figure 75: Attitudes toward personal debt situation, by household income, April 2013
-
- Figure 76: Intentions for paying off debt, by household income, April 2013
- Figure 77: Agreement with attitudes toward debt, by household income, April 2013
- Savings versus debt
-
- Figure 78: Attitudes toward savings, by household income, April 2013
-
- Figure 79: Agreement with statements about retirement savings and pension, by household income, April 2013
-
- Figure 80: Attitudes toward paying secured debt vs. savings, by household income, April 2013
- Interest in ways to combat debt
-
- Figure 81: Interest in products and services for debt reduction assistance, by household income, April 2013
Types of Consumer Debt by Race/Hispanic Origin
-
- Key points
- Secured debt
-
- Figure 82: Types of secured household debt, by race/Hispanic origin, April 2013
-
- Figure 83: Amount of household secured debt, by race/Hispanic origin, April 2013
-
- Figure 84: Percentage of home mortgage holders with underwater mortgages, by race/Hispanic origin, April 2013
- Unsecured debt
-
- Figure 85: Types of unsecured household debt, by race/Hispanic origin, April 2013
-
- Figure 86: Amount of unsecured household debt, by race/Hispanic origin, April 2013
-
- Figure 87: Agreement with statements about credit card behavior, credit card holders who revolve a balance, by race/Hispanic origin, April 2013
Attitudes About Debt by Race/Hispanic Origin
-
- Key points
-
- Figure 88: Attitudes toward personal debt situation, by race/Hispanic origin, April 2013
- Figure 89: Intentions for paying off debt, by race/Hispanic origin, April 2013
-
- Figure 90: Agreement with attitudes toward debt, by race/Hispanic origin, April 2013
- Savings versus debt
-
- Figure 91: Attitudes toward savings, by race/Hispanic origin, April 2013
-
- Figure 92: Agreement with statements about retirement savings and pensions, by race/Hispanic origin, April 2013
- Figure 93: Impact of various types of debt on ability to save for retirement, by race/Hispanic origin, April 2013
- Interest in ways to combat debt
-
- Figure 94: Interest in products and services for debt reduction assistance, by race/Hispanic origin, April 2013
Cluster Analysis
-
- Cluster 1: The Stressed Out
- Demographics
- Characteristics of this cluster
- Opportunity
- Cluster 2: Young & Fancy Free
- Demographics
- Characteristics of this cluster
- Opportunity
- Cluster 3: Debt Hogs
- Demographics
- Characteristics of this cluster
- Opportunity
- Overview
-
- Figure 95: Percentage of target clusters with debt, by type of debt, April 2013
- Figure 96: Types of secured household debt, by target clusters, April 2013
-
- Figure 97: Amount of secured household debt, by target clusters, April 2013
- Figure 98: Percentage of home mortgage holders with underwater mortgages, by target clusters, April 2013
- Unsecured debt
-
- Figure 99: Types of unsecured household debt, by target clusters, April 2013
- Figure 100: Amount of unsecured household debt, by target clusters, April 2013
-
- Figure 101: Agreement with statements about credit card behavior, credit card holders who revolve a balance, by target clusters, April 2013
- Attitudes about debt
-
- Figure 102: Attitudes toward personal debt situation, by target clusters, April 2013
-
- Figure 103: Intentions for paying off debt, by target clusters, April 2013
-
- Figure 104: Agreement with attitudes toward debt, by target clusters, April 2013
- Savings versus debt
-
- Figure 105: Attitudes toward savings, by target clusters, April 2013
-
- Figure 106: Agreement with statements about retirement saving and pensions, by target clusters, April 2013
-
- Figure 107: Attitudes toward paying secured debt vs. savings, by target clusters, April 2013
- Figure 108: Attitudes concerning financial situation in retirement, by target clusters, April 2013
- Interest in ways to combat debt
-
- Figure 109: Interest in products and services for debt reduction assistance, by target clusters, April 2013
- Cluster demographic tables
-
- Figure 110: Target clusters, by demographics, April 2013
- Cluster methodology
Appendix – Types of Consumer Debt by Risk Score
-
-
- Figure 111: Self-reported risk score, by gender, April 2013
-
- Figure 112: Self-reported risk score, by age, April 2013
-
- Figure 113: Self-reported risk score, by gender and age group, April 2013
-
- Figure 114: Self-reported risk score, by household income, April 2013
-
- Figure 115: Self-reported risk score, by race/Hispanic origin, April 2013
- Secured debt
-
- Figure 116: Types of secured household debt, by risk score, April 2013
-
- Figure 117: Amount of secured household debt, by risk score, April 2013
- Unsecured debt
-
- Figure 118: Types of unsecured household debt, by risk score, April 2013
-
- Figure 119: Amount of unsecured household debt, by risk score, April 2013
-
- Figure 120: Agreement with statements about credit card behavior, credit card holders who revolve a balance, by risk score, April 2013
-
Appendix – Attitudes about Debt by Risk Score
-
-
- Figure 121: Attitudes toward personal debt situation, by risk score, April 2013
- Attitudes about debt in general
-
- Figure 122: Agreement with attitudes toward debt, by risk score, April 2013
- Savings vs. debt
-
- Figure 123: Attitudes toward savings, by risk score, April 2013
- Figure 124: Agreement with statements about retirement savings and pensions, by risk score, April 2013
-
Back to top