Survey: 48% of Americans are Worried About Debt

Nearly five in ten Americans (48%) are uncomfortable with the total amount of household debt they have according to a nationwide survey released today by LendingTree. Furthermore, the survey discovered that 54% do not have a financial plan, proving the majority of Americans have no intention or definitive strategy to manage the amount of debt they have accumulated.

This survey, which polled 1,499 consumers nationwide*, explored Americans' relationship with debt. More than 65 questions were asked to participants in categories such as: financial planning; loans and borrowing; credit card debt; borrowing to purchase a home; credit reports and scores; savings; borrowing on-line; and perceptions of being debt free.

Not including mortgage debt, the survey revealed that 74% of Americans envision themselves being completely debt free at some point in their lives. Bridget Smith, LendingTree Smart Borrower Center editor-in-chief says, “This is great news but based on what we learned from survey respondents, we’re unsure how many will stop being a slave to debt payments and actually make a change to their current lifestyle.”

Smith continued, “The survey furthered uncovered that 50% of Americans confess they are concerned or extremely concerned about the amount of credit card debt they have and surprisingly, 10% chose to declare bankruptcy as the only way to solve their debt problems. These are startling results indicating some borrowers don’t seem to know the differences between good debt and bad debt and have little idea how to choose the right path towards financial freedom."

Debt among Life Stages

Peering into the world of debt among Americans, this survey examined the mindset of different life stages as each relates to acquiring and managing debt. The survey also distinguishes different levels of acceptance, tolerance or rejection of debt between generations, and how the mindset of each life stage progresses throughout the various stages of adulthood. In recognition of the particular financial pressures and debt triggers that occur within certain groups, the study examines the following eight different life stages:

• Young Singles – Single, no children (19-34)
• Young Marrieds – Married, no children (19-34)
• Young Families – Family, children (19-34)
• Mature Singles – Single, no children (35-64)
• Mature Marrieds – Married, no children (35-64)
• Mature Families – Family, children (35-64)
• Empty Nesters – Married, grown children (45-64)
• Seniors – Seniors (65+)