With headlines like “US Household Debt on the Rise Again” it’s easy for consumers to fall into the “everyone is doing it” mindset.
Reports indicate that consumer debt is climbing faster than Austin Powers’ Jaguar can go from 0 to 60 (7.4 seconds if you are wondering). Outstanding student-loan balances have reached more than $1 trillion.
Before you and Mini Me throw up your hands in despair and wonder who is racking up all this debt (because we know it’s not YOU), there’s a light at the end of the tunnel.
A recent survey from Credit.com (Americans and Credit Card Debt) indicates Americans with credit card debt believe that getting out of debt is “extremely important” and plan to shape up their finances this year.
I know we started out talking about student loan debt, and this recent survey is only about credit card debt, but according to this infographic, 75% of those who sought help from a financial counselor had credit card debt. Let’s face it, who doesn’t have one or two…or eight credit cards?
If you are a numbers geek, here’s more survey findings:
- 55% of survey respondents said they have at least some credit card debt.
- Of those 55%, half are chomping at the bit to develop a debt reduction plan for 2014.
- 68% are ready to roll now, as they said it is “extremely likely” that they will start to pay down their debt in 2014. Yeah baby! (That has to be said like Austin Powers or it’s just not as funny.)
- A little more than 40% of those surveyed say it is extremely likely they will be able to eliminate all of their credit card debt this year. Let’s do it!
That’s what this campaign is all about. Most people know they have debt. Most people know they spend too much. They just need guidance and a little push in the tush to get them going on a path that’s going to make them a Saver Superhero or Debt Destroyer. I mean, who doesn’t want that alter ego following them around?