Household Debt Survey

Do you have household debt?

Wallet Hub recently conducted a household debt survey. More than 10% of Americans think their debt is out of control, and many would borrow more money if they had the option. The survey reveals some interesting statistics.

• 2 in 5 Americans admit to struggling with debt

• Nearly 1 in 3 say it’s affecting their health. 

• Credit card debt is the greatest struggle for almost 50%. This is followed by mortgages and then student loans.

• 1 in 5 expect their household indebtedness to increase over the next 12 months.

• More than 1 in 4 are worried about how their debt will affect their children. 

Those surveyed think that their debt would drop with lower inflation. Others admit that better budgeting is needed, and some believe lower interest rates are the answer. Most couples have a sincere desire to improve their financial situation. Some go through programs that provide practical instruction and tools to address their money woes, but those issues aren’t the real financial problem. In most marriages, the financial problem is not how couples behave with money; it’s what they believe about money! When you assess and intentionally change your beliefs, you can then begin to change your behavior, and that’s what will lead to lasting transformation. The truth is, God owns everything. He’s given you the role of stewarding what He provides. If you take that seriously, you’ll pay down your household debt to avoid missing out on the opportunities that God has for your life.

And if debt’s wrecked your finances, check out Crown’s budget coaching program. It can put you on the road to financial freedom. I want you to crown.org. Click the “Get Help Now” tab. You can start today at crown.org.