Financial websites frequently survey Florida residents and others throughout the nation. Many surveys are conducted based on generational breakdown. Recently, a financial advice website surveyed millennials about what scared them the most in their lives. According to the survey, credit card debt topped the list.
500 people who currently have incurred credit card debt participated in a nationwide survey. Over 33 percent of respondents stated that the scariest part of their lives is credit card debt. In comparison, 20 percent listed the thought of death as the most scary, while 17 percent were troubled by the thought of war.
These concerns are understandable, as the nation’s credit card debt now exceeds $1 trillion. The average card balances for those who participated in the survey was almost $5,300. The survey also showed that the areas that concerned people most were the interest accrued on the balances and the ability to make monthly payments.
Roughly one third of respondents stated that their credit card debt was due to an emergency expense. Another third reported that a one-time large purchase contributed to their debt. The survey revealed that roughly 20 percent of those responding used their cards to help with monthly expenses. Despite these numbers, the majority of respondents were making plans to modify their spending habits and reduce their debt levels.
Credit card debt is a concern for many Florida residents, not just millennials. Consumers wishing to reduce or eliminate their debt may choose to contact a bankruptcy attorney for assistance. An experienced lawyer will work with clients to understand their specific situations and develop plans to get them back on track financially.
Source: cnbc.com, “One financial fear scares millennials even more than death“, Shawn M. Carter, Nov. 8, 2017