New Visitors Privacy Policy Sponsorship Contact Us Media
Baby Boomers Family Green Home and Auto In Critical Condition Just Starting Out Lifestyle Money
- advertisement -
Bankrate.com
News & Advice Compare Rates Calculators
Rate Alerts  |  Glossary  |  Help
Mortgage Home
Equity
Auto CDs &
Investments
Retirement Checking &
Savings
Credit
Cards
Debt
Management
College
Finance
Taxes Personal
Finance

Bankruptcy Blog Archives
Brigitte Yuille
See the latest Beating Bankruptcy blog items below, or search by topic (below right).
TABLE OF CONTENTS
 
 
 
 
Search by:
 

Is reducing your debt taking a backseat to reducing your weight?

Is reducing your debt taking a backseat to reducing your weight?
Either you forgot to pay your bill, or you didn't have enough money. Don't worry. You're not alone.

A quarter of Americans missed making one or more on-time bill payments last year, according to an annual survey sponsored by TransUnion's TrueCredit.com. The credit bureau's Web site provides services and products to help consumers protect and improve their credit. The bills skipped were for utilities, credit cards and medical services.

TransUnion, which is among the top three credit repositories in the nation, tapped GfK Roper Public Affairs & Media to conduct a study last month that would determine American's thoughts about their finances before the new year.

The interviews of 1,004 adults across the nation revealed that fewer consumers are making debt reduction their top goal for the new year. Instead, it's taking a backseat to eating healthy or losing weight, spending more time with the family and furthering their education.

The survey also found that top financial concerns are salary levels or job prospects and making nonmortgage payments. Nearly all of the young adults ages 18 to 24 participating in the survey are worrying about their finances this year. More than two-thirds of those 65 years old or older worry about their finances as well, but quite a few are concerned about the value of their stocks and other investments. Mortgage payments appear to rattle 35 to 49 year olds.

Lucy Duni, director of Consumer Education for TrueCredit.com, thinks reducing debt has become a lower priority because it may indicate that "more consumers are struggling today just to maintain their financial status quo."

She advises those who aren't meeting their monthly payments to either set up automatic withdrawals to ensure they don't miss a billing cycle or contact the creditor to see if a payment arrangement can be made for their situation. Or both.

Share your thoughts at bankruptcyblog@bankrate.com


-- Posted: Jan. 4, 2008

 
 
 
Create a news alert for "saving"
 
 RESOURCES
Bankrate's Debt Management Guide
A bankruptcy timeline
Rebuilding credit after bankruptcy
 TOP STORIES
Video: 5 myths about going green
5 myths about going green
Video: Ways to keep produce fresh
 

Compare Rates
NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 4.45%
48 month new car loan 3.77%
1 yr CD 0.89%
Rates may include points
- advertisement -
- advertisement -
- advertisement -

About Bankrate | Privacy Policy/Your California Privacy Rights | Online Media Kit | Partnerships | Investor Relations | Press Room | Contact Us | Sitemap
NYSE: RATE | RSS Feeds |

* Mortgage rate may include points. See rate tables for details. Click here.
* To see the definition of overnight averages click here.

Bankrate.com ®, Copyright © 2014 Bankrate, Inc., All Rights Reserved, Terms of Use.