4 in 10 Americans are Worried About Their Debt

Bankrate, Inc. today published the findings of a national poll which determined that 61% of Americans carry non-mortgage debt. Sixty-four percent of the respondents who carry debt admitted that debt is a cause of worry for them. The poll results are included in this month’s segment of Bankrate’s Financial Literacy Series: Out of the red and into the black.

Key poll findings include:

– Americans have conflicting attitudes about debt. While 91 percent believe debt can be controlled by disciplined saving and spending, 72 percent also believe that debt is a part of modern life and difficult to avoid.

– 66 percent of Americans say debt is often the result of unfortunate circumstances beyond a person’s control, while 60 percent say it is usually the result of bad decisions.

– Credit cards are the most frequently cited form of debt (45%).

– Higher income levels tend to carry debt month-to-month. For example, 75 percent of those with annual incomes of at least $75,000 regularly carry debt month-to month as opposed to only 36 percent of those with annual incomes under $20,000.

– Men worry less than women about the debt they carry (40 percent vs. 30 percent).

The national random-digit-dialed phone study of 1,014 adults 18 or older was conducted for Bankrate by GfK Roper Public Affairs & Media. The surveys were conducted from Feb. 8, 2008 through Feb. 10, 2008. The sample was weighted by demographic factors including age, gender, race, education and census region to ensure reliable and accurate representation of adults in U.S. households. The margin of error for the survey is +/- 3 percentage points. Cheryl Allebrand, senior reporter, and Greg McBride, CFA are available for interviews or as expert guests.

Net News Publisher

Rate this:

2.5