Debt causing 'significant stress' in Americans' lives - New York News

Debt causing 'significant stress' in Americans' lives

Updated:
By "meddygarnet" via flickr. One in four American households feel debt is causing significant stress in their lives. By "meddygarnet" via flickr. One in four American households feel debt is causing significant stress in their lives.

By: Michael De Groote, Deseret News

Debt is stressing a lot of Americans. A new report by Mintel, a market research firm based in London, found that "one in four (American) households (25 percent) feel that the level of debt they are carrying is causing significant stress in their lives, and the same percentage (25 percent) state that the amount of debt they have impacts their day-to-day lives."

"The economic recovery is in full swing, but many households are still struggling to make ends meet and the pressure of everyday expenses is stressing them out," said Susan Menke, senior financial services analyst at Mintel. "Consumers are feeling increasingly bogged down by their debt and they don't seem to see an end in sight, as many expect to carry debt into retirement."

Only 48 percent of Americans think they will be free from debt when they retire. Seventeen percent think they will never get out of debt - about 20 million households.

But 61 percent said paying off their debt is their number one financial goal.

GoBankingRates.com created a hypothetical average American using existing average data from a variety of sources, named her "Mary Smith," and looked at how much debt average folks have.

The fictional, average Mary Smith is a 37-year-old non-Hispanic white woman living in New York who earns a median income of $40,728.

Unfortunately, Mary Smith is probably among those 25 percent that Mintel's report says are experiencing debt stress.

Adding her average credit card debt to mortgage debt to student loan and auto debt leaves Mary Smith, according to GoBankingRates.com, in debt around $225,238.

No wonder, according to a survey by Credit.com, that the new American Dream for 23 percent of Americans is to be debt free.

EMAIL: mdegroote@deseretnews.com

Twitter: @degroote

Facebook: facebook.com/madegroote


Original Post

Copyright 2013 Deseret Digital Media, Inc.

  • Local NewsLocal NewsMore>>

  • Injured detective in Village shootout leaves hospital

    Injured detective in Village shootout leaves hospital

    Wednesday, July 30 2014 1:28 PM EDT2014-07-30 17:28:00 GMT
    The third law enforcement officer injured in a Manhattan shootout is out of the hospital. The NYPD says Detective Mario Muniz was left Bellevue Hospital shortly after noon on Wednesday. Hundreds of his fellow police officers cheered as Muniz left the hospital in a wheelchair pushed by his NYPD patrol partner, Joseph Trovato.

    The third law enforcement officer injured in a Manhattan shootout is out of the hospital. The NYPD says Detective Mario Muniz was left Bellevue Hospital shortly after noon on Wednesday. Hundreds of his fellow police officers cheered as Muniz left the hospital in a wheelchair pushed by his NYPD patrol partner, Joseph Trovato. Police Commissioner William Bratton has said the detective's protective vest may have saved his life.


  • 5 annoying things about the New York City subway

    5 annoying things about the New York City subway

    Wednesday, July 30 2014 1:07 PM EDT2014-07-30 17:07:01 GMT
    Subway problems are annoying, but it’s just a part of living in New York City. Public transportation isn’t glamorous. It’s a pain. It’s a convenience that can cause an inconvenience. Here is a list of five annoying things about subways in New York City.
    Subway problems are annoying, but it’s just a part of living in New York City. Public transportation isn’t glamorous. It’s a pain. It’s a convenience that can cause an inconvenience. Here is a list of five annoying things about subways in New York City.
  • Terror threats at chemical plants underestimated

    Terror threats at chemical plants underestimated

    Wednesday, July 30 2014 1:05 PM EDT2014-07-30 17:05:38 GMT
    Congressional investigators say the government is underestimating the threat of a chemical attack on America's densely populated cities and has failed to inspect virtually all of the chemical facilities that it...
    Congressional investigators say the government is underestimating the threat of a chemical attack on America's densely populated cities and has failed to inspect virtually all of the chemical facilities that it...
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices