debt

Debt

August 2011 Financial Security Index » Debt

Q:

How do you feel about the amount of debt you have compared to 12 months ago?

The proportion of people less comfortable with their debt increased 7 percentage points since June.
The proportion of Americans more comfortable with their debt now compared to last year has declined two months in a row, down 4 percentage points since June.
College grads and those earning $50,000 or more tend to be more comfortable with their current debt than others.

Gail Cunningham

"Americans have lived with the economic downturn for more than three years."

Predictably, older people and those with lower levels of education and income were the least comfortable with their level of debt. These differences are possibly due to the fact that the resolution options for these groups are more limited. Americans have ... a well-earned case of frugal fatigue overall. The question on everyone's mind is when or if consumers will begin spending again, and in light of the recent financial news, it's not likely to be anytime soon.

- Gail Cunningham, vice president of public relations for the National Foundation for Credit Counseling