Poll: Average American Is Over $50,000 in Debt
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Poll: Average American Is Over $50,000 in Debt
1,796 Views
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In the midst of a weak economy and against high levels of personal debt, Americans are facing serious financial hurdles.
From StudyFinds. What would you do to be completely debt-free? … According to the poll of 2,000 U.S. adults, the average person feels they could only stay debt-free for eight-and-a-half weeks (less than 3 months) before accruing new debt.
Who is praying on the wall?
The research also measured people’s confidence in their ability to remain out of debt, revealing only 38 percent feel “very confident” in this regard. The most uncertain respondents (384) shared some of the reasons, including the rising cost of living (54%), unexpected expenses (46%), rising interest rates (29%), not having enough support from others (20%), and feeling the need to spend to keep up with others (16%).
People’s biggest debt hurdles include credit card debt (57%), mortgages (30%), automobile loans (30%), and medical debt (28%). Conducted by OnePoll on behalf of Beyond Finance for National Financial Freedom Day, the survey also found the average person has $54,767 worth of debt, with 56 percent saying they owe more for necessities than for “nice-to-haves.” …
What would people do if they woke up debt-free?
Thirty-two percent would add money to their emergency fund, while 27 percent would purchase their dream home and 26 percent would take a long-awaited vacation. Others would “pursue a different career,” “start my own business,” finance their children’s education, and “help my parents with their debts.”
“Debt can sometimes deter people’s short- and long-term goals for themselves and their families,” says a spokesperson for Beyond Finance in a statement. “Learning to manage it effectively can be life-changing, but 49 percent admit to feeling anxious about their debt, which may make it challenging to focus on finding solutions.” …
How are you praying for the economy and those needing assistance? Share this to encourage others to pray.
(Excerpt from StudyFinds. Photo Credit: Canva)
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We need to go back to the ethics of “saving up” and waiting until we have all the money needed. Our country and our world need restraint in the matter. Many people want everything and they want it immediately. It’s connected to the lack of godly mature Christians and the secular culture. Also today’s money has lost almost all it’s original value. When the dollar bill was created in the late 1800’s it was worth 100 pennies. The dollar we have now is worth about 2cents or less. With prayer and Godly guidance and help, we can do better.
Pay down debt from the highest to the lowest on credit cards. Pay cash as much h as possible. Only buy what is actually needed. Cut ba k on wants. Be frugal as possible as I have been doing for years.
I no l9nger have a home mortgage
I rent and I no longer have an auto loan but I recall the years of medical expenses and other unexpected expenses. A ministry leader share how she got a bill for power for $151+ that was totally unexpected
She had to stop and pray for the funds to come in and th we y did.
I wouldn’t discourage anyone from learning good stewardship.
You can be content going to the park an backyard potluck we found it easier to have Christmas together with little than dealing with more debt.
My daily needs are met And I do Not Want.
3 John 2 says I Desire that you Prosper in all things even as your health and sould prosper.
May you Also be guided each step by Holy Spirit