Have you seen our Beyond Finance Holiday Survey yet? Of course, we understand the debt help industry, but we also have insight into its many origins in debt in the first place. By commissioning this national survey, we wanted to gauge how America is preparing for the coming holidays, despite the inclusion.
With inflation hitting a 40-year high this year and many Americans struggling economically, we wanted to dive deeper into that stressful mindset. With the help of a third-party organization, we discovered that many of them are falling into debt and having difficulty finding their way out.
There were some startling revelations. One that was most troubling is stress motivates people to spend, even when shoppers know they may have to take on debt to do it. These metrics have been catching the eye of national media, including trade organization RetailDive.com.
What Say You?
RetailDive.com is a shopper’s blog that earns 485,000 unique monthly visitors. These numbers caught their eye as well.
In a riveting article featuring several surveys and many statistics, the author created a section about credit cards and payment plans. Unsecured debt, and we know it well, can overwhelm someone easily. Thousands of dollars can be spent in a matter of days. Those who aren’t as financially literate may not keep track of what they are spending until it’s too late.
About a third of U.S. consumers say they’re tapping their savings more than usual, while 46% say they’re investing and saving less, according to the Ipsos-Forbes Advisor U.S. Consumer Confidence Tracker. Consumers piled on a record $67.1 billion in credit card debt during the second quarter alone, according to research from WalletHub.
That could rise to $110 billion for the year, per that report. Indeed, most households (78%) carry some credit card debt, with 43% holding more than $5,000 and 21% more than $10,000, according to debt management firm Beyond Finance.
RetailDive.com
Is moving beyond debt something you need? Do you have sleepless nights over collection calls? You can get a fast and free assessment to determine if debt consolidation is a route for you. We’ll continue building, reaching, and serving people across the country until then.
Contact our professional staff, ready to walk you through your problems and introduce you to a financial solution today.