Norwalk, CT (PRWEB) September 23, 2010
An August 5, 2010, United States Social Security Administration Report found that Social Security would run a $41 billion dollar deficit in 2010, the first yearly deficit since 1983. One might therefore think that senior citizens would worry the most about debt, but that is not the case. Instead, a third-quarter poll of 1,000 Americans age 18+ reveals that 26% of those between the ages of 35 and 54 spend 4+ hours per day worrying about debt, and 11% of them worry about debt over 10+ hrs a day. That's more than the 18% of those aged 55+ who spend 4+ hours per day worrying about debt. The results are part of the DebtPlan.com Third Quarter 2010 U.S. Consumer Study on Debt.* By 2037, when all consumers who are now in the 35-54-year-old demographic will be eligible for Social Security under current eligibility requirements, the fund is forecast to be able to pay out only 75% of its scheduled benefits.
The future of Social Security is under debate. The recently formed Strengthen Social Security Coalition said that President Obama's two choices to chair the National Commission on Fiscal Responsibility and Reform -- Democrat Erskine Bowles and Republican Alan Simpson -- "sent a clear message, Social Security is on the chopping block." Today, two-thirds of seniors rely on Social Security as their main source of income, which means that if Social Security benefits change, the retirement plans of millions of middle-aged consumers may have to change with it.
The DebtPlan.com Third Quarter 2010 U.S. Consumer Study on Debt also revealed that, on average, Americans spend 3.5 hours per day, or 15% of each day, worrying about debt. The study results are as follows:
Americans' time spent per day worrying about debt:
Hours per day: Respondents:
All 18-34 35-54 55+
-0- 22% 16% 24% 27%
1-3 hours 55% 66% 50% 56%
4-10 hours 14% 14% 15% 7%
10+ hours 9% 6% 11% 11%
According to Carrie Coghill, Director of Consumer Education for DebtPlan.com, "Retirement-planning scenarios now have to include retiring with and without Social Security. Without this guaranteed income stream, planning and budgeting with a contingency plan if Social Security changes are a must. As a start, have a plan to pay off debt while you still have a steady income to further reduce worry. 35-54 year olds will then be better prepared for changes to Social Security if they occur."
DebtPlan.com is a secure, personalized online debt management tool to help you manage and reduce debt. With DebtPlan.com, you control debt rather than debt controlling you. It is the first service in the debt management industry that guarantees you at least $1,000 savings in interest payments** while paying down debt. DebtPlan's Personal Debt Wizard creates a custom plan in minutes to shorten payoff time, reduce interest paid, and start tracking progress as you pay down debt. DebtPlan.com shows you how to become debt-free with your current income. Unlike other debt options, DebtPlan.com does not damage credit. DebtPlan.com is a service of FreeScore LLC. For more information, go to http://www.DebtPlan.com, or call toll-free at 1-800-211-3096.
*The data for the Third Quarter 2010 U.S. Consumer Study on Debt were collected and analyzed in April/May 2010 through Survey Sampling International in Shelton, Connecticut. Results have a margin of error +/- 5%.
** Terms and conditions of the DebtPlan.com $1,000 guarantee: At the point of enrollment, you must have at least $2,500 of credit card debt at an interest rate of a minimum 14.5%, and you must be making only minimum monthly payments. In order to qualify for the refund, you must have created your debt plan within 10 days of enrolling in the service and must have followed to completion the original personalized debt plan that was established at enrollment. In addition, you must not have incurred any additional credit card debt while using DebtPlan.com and must still be a DebtPlan.com user when you request the refund. You must also fill out all required forms to verify that you followed the debt plan that was established when enrolled in the service. DebtPlan.com will then verify that you followed all rules that have been established as part of this guarantee.