HALF OF AMERICANS WORRIED ABOUT DEBT

June 6, 2007

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Almost half of all Americans (48 percent) are uncomfortable with the total amount of household debt that they carry, according to a nationwide survey released by LendingTree. Furthermore, the survey discovered that 54 percent do not have a financial plan. The survey, which polled 1,499 consumers nationwide, examined Americans’ relationship with debt by asking more than 65 questions to participants in categories such as financial planning, loans and borrowing, and credit card debt. Young families, ages 19-34 with children, had the highest debt-to-income ratio (59 percent spend half or more of their gross income on total debt expense) and were the most uncomfortable with their total household debt (68 percent) and least financially prepared to handle an emergency expense (59 percent did not have savings available for an emergency). Not including mortgage debt, the survey revealed that 74 percent of Americans envision themselves being completely debt free at some point in their lives. Click here to read LendingTree’s Smart Borrower

Half of Americans Worried About Debt