Ongoing Inflation Concerns Are Reshaping Spending Habits of U.S., TD Bank Survey Reveals

Consumers Split on Economic Outlook and Personal Debt

The outlook on the economy is split, with roughly equal numbers feeling optimistic (40%) about the economic outlook, 38% feeling pessimistic (38%) and 22% feeling neutral. 41% of respondents feel the same about their current financial situation compared to six months ago, while 35% feel better and 25% feel worse.

The survey found that 73% of Americans report carrying credit card debt. More than half (55%) of respondents owe less than $6,000 on their credit cards, while 10% carry a balance of $10,000 or more.

Repayment habits and concerns about credit card debt vary sharply. While 32% of respondents pay more than the minimum payment amount due on their credit cards each month, 11% pay only the minimum payment amount due, and 3% say they pay when they are able. Among respondents with credit card debt, 25% said they are very concerned about their level of debt. Another 36% said they are somewhat concerned, while 39% expressed little to no concern.

Cash Back is King

The most valued credit card benefits among respondents were rewards (35%), low interest rates (23%), low or no fees (17%), fraud protection (10%), excellent customer service (8%), and a high credit limit (8%). Among cardholders with cash back rewards credit cards, the most popular redemption method was statement credits (34%), followed by direct deposits (20%). Only 14% preferred to redeem their cash back via gift cards.

"Consumers are savvy, and when they see the economy begin to shift, we see them adjust their everyday spend," said Scott Adamo, Head of U.S. Franchise Unsecured Lending at TD Bank. "We've found time and time again that when inflation is taking a toll, consumers value flexibility and cash back rewards from their credit cards. The right credit card can really help when budgets are tight."

Methodology

This online CARAVAN survey was conducted by Big Village Insights among a sample of 1,013 U.S. adults ages 18+ who have a credit card. This survey was conducted from August 13-15, 2025.

About Big Village Insights

Big Village Insights is a global research and analytics business uncovering not just the 'what' but the 'why' behind customer behavior, supporting clients' insights needs with agile tools, CX research, branding, product innovation, data & analytics, and more. Big Village Insights is part of Bright Mountain Media. Find out more at https://big-village.com.

About TD Bank, America's Most Convenient Bank®

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S. by assets, providing over 10 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth^®. TD Bank is headquartered in Mount Laurel, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Instagram at www.instagram.com/TDBank_US/.

TD Bank is a subsidiary of The Toronto-Dominion Bank, a top 10 North American bank. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.

Media Contact:

Lisa Carlson
Corporate Communications Manager[email protected]