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Getting Out of Debt: How Americans Are Tackling Credit Problems in 2014

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Getting Out of Debt: How Americans Are Tackling Credit Problems in 2014

The winter shopping season proved that Americans are not afraid to use credit cards; luckily, they’re also not afraid to pay them down. Credit.com recently used SurveyMonkey Audience to learn that not only are people taking responsibility for their credit card debt this year, many believe they can wipe it out altogether. Among the findings are:

  • 68% said it’s “extremely likely” they will start to pay down debt this year. (Tweet this.)
  • 40% said they’ll be able to eliminate their credit card debt this year. (Tweet this.)
  • 92% of those with credit card balances are not considering professional debt help. (Tweet this.)
  • 71% of consumers with very large credit card balances are considering bankruptcy. (Tweet this.)

Check out the Credit.com study here.

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  • The above statistics (not the infographics) shows us about 92% of them are not taking help of professional companies to get out of debt!! How do this mass of people plan to eliminate their debt burden? Are they planning to get out of debt on their own? Are they people who are pretty confident about their negotiation skills and their abilities to repay debt on their own? Well, I have a doubt about that! I hope it’s not that 92% of people who are planning to get rid of debt on their own, who are the same 68% who are extremely likely to repay debt. This is absolutely absurd. But anyways, yes, this is certainly a good comparison of the total number of people who are planning to trigger off their debts as against the number who are actually able to do so.

    • KTsurveymonkey

      Thanks so much for sharing your views on this Amy! We’re glad that the article was able to shed some new insights on this topic for you. Thanks for reading!

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