Higher Rate of Consumers Making Debt Consolidation Choices
According to a recent survey, more and more Americans are
finding themselves unable to pay down their debts without a
little help. They are looking at dealing with a larger amount of
debt than they can handle and so they are seeking out
information on the internet and through friends to see how they
might better handle their debt. A little more than 45% of the
country is saying that they are in debt and that they are not
really comfortable with the amount of debt that they have. Of
that 45%, 5% say that they have looked to get assistance from a
debt consolidation, debt settlement, or debt management program
of some kind.
The United States Consumer Study on Debt says that 5.13 million
people have already enrolled in one or more of the above
services, making this the largest number of people in history
that have taken on these types of loans. This is important to
realize that the number of people that are looking for
assistance is more than double than what it used to be. The
study also found that these people are spending a large portion
of their days worrying about debt as well. More than 10% of
consumers admitted to thinking of nothing but their money
problems all day long.
There was another 11% of those studied that said that they spend
at least four hours a day worried about debt, up to a max of ten
hours. The majority of consumers – 54% - said that they worry
about it between one and three hours a day while 25% said that
they don’t worry about it at all. For those that are worried
about it, they are looking to debt consolidation programs to
help them out of their mess and alleviate some of their worry.
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