LendingTree: 53% of those who embraced a pandemic hobby took on credit card debt as a result

CHARLOTTE, North Carolina, April 6, 2021 / PRNewswire / – About 6 in 10 Americans have embraced a new hobby in the past year as the COVID-19 pandemic rages on, according to a new one report by LendingTree. Sadly, more than half of those who have done so have incurred credit card debt.

Main conclusions

  • 59% of Americans have adopted a new hobby during the coronavirus pandemic. The group most likely to try a new hobby includes people who are laid off or on leave (82%), Gen Z (76%), and millennials (74%).
  • The most popular pastime among those who started one during the pandemic: reading (61%), followed by baking or cooking (36%), gardening (30%), meditation (29%) and writing (26%).
  • Almost half (48%) of consumers who tried a new hobby during the pandemic – like coding or photography – made money by turning it into a side activity. Of those who made money from their hobby, most used the money to pay off debt (52%) or save (51%).
  • On the flip side, 53% took on credit card debt because of their new hobby. When asked why, 47% of respondents with debt said they wanted to invest in special equipment to possibly make money from their hobby.
  • 79% of consumers said they would continue with their hobby even after the pandemic was over. And almost all (94%) who started a new hobby have continued it until now.

“It shouldn’t be surprising that so many Americans have taken on new hobbies during the pandemic,” LendingTree chief credit analyst said, Matt Schulz. “The fact that our lives are turned upside down in so many ways has not only increased the stress in our daily lives, but has often left us with a lot more free time than before and nowhere to go. Our survey shows that millions of Americans used that extra time to try something new, from reading and writing to baking and cooking. “

To view the full report, visit: https://www.lendingtree.com/credit-cards/study/quarantine-hobbies-credit-card-debt/.

Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 1,013 U.S. consumers from February 26 to March 1, 2021. The survey was administered using a non-probability sample, and quotas were used to ensure that the sample frame represented the entire population. All responses were reviewed by researchers for quality control.

About LendingTree
LendingTree (NASDAQ: TREE) is the nation’s leading online marketplace that gives consumers the choices they need to be confident in their financial decisions. LendingTree allows consumers to purchase financial services the same way they would buy airline tickets or hotel stays, by comparing multiple offers from a nationwide network of over 500 partners in a single search, and can choose the option that best suits their financial needs. Services include mortgages, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve their credit health. My LendingTree proactively compares consumer credit accounts to offerings in our network and notifies consumers when there is an opportunity to save money. In short, the purpose of LendingTree is to help simplify financial decisions for important times in life through choice, education, and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, visit www.lendingtree.com, call 800-555-TREE, like our Facebook page and / or follow us on Twitter @LendingTree

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SOURCE LendingTree, Inc.

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