Even with the economy back on the rise, it’s not uncommon for consumers to feel stressed and vulnerable about their financial health.
Boston, MA (PRWEB) August 21, 2017
Maintaining financial stability is a concern that many Americans are forced to confront on a daily basis. A recent survey conducted by national nonprofit American Consumer Credit Counseling found that almost half of the respondents rate their current financial situation as unsatisfactory.
The majority of participants responded that they require more than their current income to live comfortably, including 86 percent of people who rate their financial situation as poor. Of the respondents who say they do not have enough income to live comfortably, 33 percent believe that they need an increase of $1,000 to $5,000 in income to achieve financial stability, while 21 percent say they need more than $20,000.
“It can be challenging for consumers to maintain financial stability, particularly for those struggling to afford the rising cost of rent and groceries and for those burdened by student loan, medical and other debt,” said Steve Trumble, President, and CEO of American Consumer Credit Counseling, based in Newton, MA. “Even with the economy back on the rise, it’s not uncommon for consumers to feel stressed and vulnerable about their financial health.”
More than half of respondents (51 percent) admit that they have bad credit, and almost 42 percent of respondents say that they either always or sometimes depend on their credit cards to pay for day-to-day expenses.
The majority (75 percent) of individuals say they do not frequently participate in investment and savings opportunities. Interestingly, 47 percent of people who do participate in investments and savings opportunities say they have good credit scores.
According to a Gallup poll, the numbers of Americans participating in the stock market dropped dramatically following the recent recession, mostly coming from the middle class.
Additionally, 71 percent of people who rate their current financial situation as poor do not have a good credit score. These numbers track with a recent study conducted by Pew, which found that seven out of ten Americans are worried about financial issues ranging from crushing debt loads, insufficient savings, or income that’s too low to cover their expenses. Roughly 55 percent of Americans say their income is falling behind the cost of living, according to that same study.
This online survey of 400 consumers was conducted by American Consumer Credit Counseling on the organization’s website, http://www.consumercredit.com. You can view an infographic illustrating the survey results here: http://www.consumercredit.com/financial-education/infographics/what-is-your-financial-situation/
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at http://www.ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt counseling, bankruptcy counseling, housing counseling, student loan counseling and financial education. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday consumer debt issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit http://debthelp.consumercredit.com/.