RSS feed Get our RSS feed

News by Topic

BizReport : Ecommerce archives : April 05, 2017

Study: 1/3 are carrying credit debt

While Americans are spending less, one new report indicates that those lower spending numbers aren't mirroring lower credit card debt. According to the 2017 Consumer Financial Literacy Survey more than one-third (39%) of American are carrying month to month credit card debt.

by Kristina Knight

That is an increase of 4% over 2016. What's more, about 20% are rolling over at least $2,500 in credit card debt each month. Meanwhile, the Federal Reserve has announced they'll increase interest rates - the second time in 10 years - which will likely add to the monetary pressures of US families.

"It is concerning that so many Americans remain in such a fragile financial position after the Great Recession," said Susan C. Keating, president and CEO of the NFCC. "Credit card debt is on the rise, and people are not saving for a financially healthy future. The NFCC member network provides professional advocates and resources to help people overcome these obstacles, and I encourage everyone to use them in support of their own financial goals."

Other interesting findings from the report include:

• 26% of consumers say they're spending less now than in the past
• 54% say they're saving as much in 2017 as they did in 2016, a 4% decrease YoY
• 1 in 4 say they do not save at all

Most of those surveyed (80%) say they 'would benefit' from having a professional advise them on 'everyday' financial questions.

Tags: consumer spending trends, credit card debt, ecommerce, Federal Reserve, NFCC

Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.