How do people view their personal debt?

On Behalf of | Feb 4, 2019 | Uncategorized

If you are one of the numerous Connecticut residents struggling with rising credit card balances and other debt, you may have quite negative feelings about the amount of debt you have accumulated, often out of necessity. Although most people keep their financial situations private and refuse to share their fears and concerns with others, it may help you to know what a recent survey of Americans revealed about the feelings they have with regard to their personal debt.

As reports, a full 80 percent of those surveyed said that they have a minimum of one type of debt, often a home mortgage or medical debt. Nevertheless, the majority of them do not feel that they have too much debt. As a matter of fact, the figures show the following:

  • Forty percent say they have too much debt, with 47 percent of these people fallng within the 35-54 age bracket.
  • Forty-three percent of those saying they make less than $25,000 each year believe they have too much debt.
  • Only 34 percent of those saying they make over $75,000 each year believe they have too much debt.
  • Educational level has little or no bearing on a person’s feelings about debt. Thirty-nine percent of those with a high school education believe they have too much debt, while 38 percent of those with a college degree feel the same.
  • Not surprisingly, only 18 percent of the people who said they believe they have too much debt feel happy about it.

Debt collectors

Also not surprisingly, 40 percent of the Americans who took the survey said they would not be able to raise even $2,000 in the case of a family emergency. Conversely, another 46 percent said they maintain an emergency fund that contains three months of their earnings.

Despite the fact that a large proportion of people have little, if any, savings, a mere 18 percent of people reported that debt collectors had contacted them during the past year. This percentage rose to 55 percent among those who said they have medical debt.

This is general educational information and not intended to provide legal advice.