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Almost half of all Americans (48 percent) are uncomfortable with the total
amount of household debt that they carry, according to a nationwide survey
released by LendingTree. Furthermore, the survey discovered that 54
percent do not have a financial plan. The survey, which polled 1,499 consumers
nationwide, examined Americans' relationship with debt by asking more than 65
questions to participants in categories such as financial planning, loans and
borrowing, and credit card debt. Young families, ages 19-34 with children, had
the highest debt-to-income ratio (59 percent spend half or more of their gross
income on total debt expense) and were the most uncomfortable with their total
household debt (68 percent) and least financially prepared to handle an
emergency expense (59 percent did not have savings available for an emergency).
Not including mortgage debt, the survey revealed that 74 percent of Americans
envision themselves being completely debt free at some point in their lives. Click here to read
LendingTree’s Smart Borrower Half of Americans Worried About Debt |
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