Survey Reveals Extreme Fear Over Payday Loan Debt, Credit Card Balances
By J.J. CameronPayday Loan Writer
Another terrorist attack? Scary. A natural disaster? We'd prefer not to think about it. But debt from credit cards and pay day loans? A recent poll shows this is the fear that most worries Americans.
More than 80 percent of citizens point to this issue as serious problem; worse, 35 percent say their level of debt has increased in the past five years. These numbers are courtest of a nationwide survey from the Center for American Progress, a nonpartisan research and educational institute in Washington.
The poll said that 23 percent of Americans aren’t able to pay their monthly debts - be it from credit cards, student loans or faxless payday loans - while 48 percent said higher living costs are contributing to their fiscal dilemmas.The situation also affects a growing number of Ohioans, reports The Columbus Dispatch, with the state ranked sixth in the nation in the most bankruptcy filings during the first quarter of this year.
"The economy might be strong and unemployment may be down, but that’s not what people are feeling in their individual lives," said Bill McInturff, co-founder of Public Opinion Strategies. "You have one out of four people who can’t pay their debt."
According to the survey, 33 percent of Americans carry nonmortgage debt of more than $10,000. Moreover, only 51 percent are able to pay their entire credit card bill each month. Numbers were not available for specific payday loan balances. The problem, the survey said, is so pervasive that it’s become "a growing threat to the American middle class and the American dream."
"People don’t see debt as a low-income problem," said Anna Greenberg, vice president of Greenberg Quinlan Rosner, a research and strategic consulting firm in Washington. "More people view it as a problem for middle-class families who are worried about not being able to have a secure retirement or are afraid of being victim to identity theft."
Overall, debt in the country has increased substantially over 30 years, with the average American household holding $8,000 in credit card debt. Do the math and this result adds up to over $813 billion owed. That's a lot.
