Miami, FL (PRWEB) August 23, 2014
Debt Consolidation USA shares in an article recently published last August 22, 2014 some of the most common financial challenges a consumer goes through. The article titled “Part 2: American Consumer Habits For 6 Different Financial Areas In A Household” explains where the budget is a little bit challenged.
The article starts off by sharing that improvements were seen in two financial areas of a consumer's life. These are in the areas of mortgage and savings. There are a good number of consumers who are able to budget their mortgage payments and the put together a decent savings account for future use.
One of the top areas where consumers are having a hard time financially is credit availability. The article shares that 1 out of 3 consumers who applied a credit instrument were turned down or were only approved to borrow a lesser amount of money. This means that there are quite a few consumers who does not have a good credit score.
College finances or student loans is another area that is challenging the finances of American consumers. The article shares that a recent survey revealed that the average college debt amount that a consumer has is at around $27,840. There are also consumers who admitted to having a difficult time with repayment where some has already defaulted and their account is already in collections.
The article also shares how consumers are having a hard time in planning their retirement fund. A survey showed that 25% of consumers about to enter retirement age does not have an idea how they will pay for expenses once retirement happens. And there are also almost the same number of Americans who plans to work as long as possible just to have enough for retirement.
The article also explains how consumers can improve financial habits to address the challenges in their finances. To read the rest of the article, click on this link: http://www.debtconsolidationusa.com/personal-finance/part-2-american-consumer-habits-6-different-financial-areas-household.html.