NEW YORK—Another factor playing a role in helping credit card debt to surge? All those new hobbies Americans have, according to a new report.
A study by LendingTree has found 59% of Americans took on a new hobby during the coronavirus pandemic.
The most popular hobby among those who started one during the pandemic: reading (61%), followed by baking or cooking (36%), gardening (30%), meditation (29%), and writing (26%).
Nearly half (48%) of consumers who tried out a new hobby during the pandemic — such as coding or photography — have earned money turning it into a side hustle, LendingTree said.
However, 53% incurred credit card debt as a result of their newfound pastimes. When asked why, 47% of indebted respondents said they wanted to invest in special equipment to eventually make money from their hobby.
The report also shows 79% of consumers said they’ll continue with their hobby even after the pandemic is over.