Many Consumers Paid Late in '07, Fewer Expect to Pay Down Debt in '08 Reports TransUnion's TrueCredit.com Survey

CHICAGO, Jan. 3 /PRNewswire/ -- In its third annual survey, TransUnion's TrueCredit.com commissioned GfK Roper Public Affairs & Media to assess Americans' thoughts about their finances at the turn of the New Year. The survey found that in 2007, one in four (25 percent) of all Americans missed making one or more on-time bill payments, with the bulk of those delinquencies occurring on Utilities (12 percent), Credit Cards (12 percent) and Medical Services (11 percent). Meanwhile, only 17 percent choose paying down debt as their top resolution for 2008, down notably from 22 percent in last year's survey.

"It's important to realize that making regular on-time payments on all of your accounts is an essential component of long-term credit health," said Lucy Duni, director of Consumer Education for TransUnion's TrueCredit.com. "To keep your credit in good standing, set up an automatic funds withdrawal to ensure you don't miss a billing cycle and if you're in a financial bind, consider contacting your creditors to explore special payment arrangements for your particular situation."

Personal Health and Family Time in the New Year

Less than one-third of Americans (32 percent) pick eating healthy or losing weight as their number one resolution for 2008, compared with 37 percent last year. Nearly the same percentage (31 percent) chooses spending more time with their family as their top resolution, up significantly from 23 percent last year. Just 13 percent name furthering their education; this was 11 percent a year ago. Only 17 percent identify paying down credit cards and other debt as their top priority for 2008, as compared with 22 percent a year earlier. "The drop in priority for paying down debt may be an indication that more consumers are struggling today just to maintain their financial status quo," added Duni.

Salary and Jobs Top List of Financial Concerns

When asked about their greatest financial concerns in 2008, 40 percent pick their salary level or job prospects and 41 percent name making non-mortgage payments.

The survey also found correlations between age and attitudes about finances:

    --  Ninety-three percent of 18-24 year olds express some financial concern
        overall in 2008, compared with 69 percent of those 65+
    --  35-49 year olds (19 percent, compared to 14 percent overall) are most
        apt to be concerned about mortgage payments
    --  Forty-two percent of those 65+ are concerned about the value of their
        stocks and other investments, compared with 21 percent of both 18-24
        year olds and  25-34  year olds

"As consumers move through various life-stages, their financial priorities and concerns will shift," adds Duni. "But whether they're looking to purchase their first home or make the most of their retirement, managing their own credit health can help them achieve their goals."

Methodology

GfK Roper Public Affairs & Media conducted these studies using Random Digit Dialing (RDD) methodology. From December 14 to December 16, 2007, a total of 1,004 interviews were conducted among adults across America. Age, gender, income and geographic information were collected. The margin of error for the complete sample is +/- 3 percentage points. The margin of error for subgroups may be higher.

Since 1999, TransUnion's TrueCredit.com has helped millions of consumers manage their own credit health. Through a suite of educational materials, free monthly newsletters and easy-to-use products, the company helps consumers understand personal credit management and empowers them to achieve greater financial well-being. TrueCredit.com's online products include credit reports, credit and insurance scores, credit monitoring, debt management tools and identity theft insurance services. TrueCredit.com is the direct-to-consumer arm of Chicago-based TransUnion Interactive, a subsidiary of TransUnion, a global leader in credit and information management. Manage your credit. Manage your life.(SM) http://www.truecredit.com

For more information or to schedule an interview with Lucy Duni, contact Steven Katz, TransUnion, at 312.985.2373 (skatz@transunion.com) or Zachary Hastings Hooper, The Rosen Group, at 202.862.4355 (zachary@rosengrouppr.com).