Did you know that approximately 77% of U.S. households are wrestling with some kind of debt? This fact, coupled with living expenses on the rise, has resulted in immense stress that is negatively impacting Americans’ quality of life.
A recent study commissioned by Forbes Advisor and conducted by OnePoll delves into the emotional toll that debt takes on Americans, exploring its influence on spending behaviors, relationships, and views on future financial stability.
For 55% of those surveyed, economic conditions were the primary factor pulling them into the cycle of debt. Interestingly, 48% also pointed to the impact of advertising and consumer culture as key reasons for their financial situation.
Additionally, 42% confessed that challenges in managing and controlling their spending were significant contributors to their financial woes.
In terms of what’s driving this mounting debt, a solid 75% of respondents blamed their financial issues on credit cards. Personal loans were not far behind, with 68% of respondents recognizing them as a significant source of their debt.
Mortgages also weigh heavily on the finances of two-thirds of people, and 55% reported that medical bills are a main debt contributor.
These reports paint a complex picture of the hurdles that many Americans encounter when it comes to debt, highlighting just how challenging it can be to break free from these financial struggles.
Yet, the ramifications of debt extend beyond just the financial sphere. They also infiltrate mental well-being.
According to the survey, 54% of people often feel burdened by the stress associated with debt, while an additional 32% experience this pressure sporadically.