A survey conducted by OnePoll on behalf of TrueAccord revealed that several American citizens are presently enlisting a hefty credit card debt that alters the outcome of their financial status. The study further revealed that several Americans wished that they would travel back in time to change and influence their financial decisions.
Study authors revealed that most Americans had regrets about the modes of financial spending and the failure to set up funds for stringent requirements such as retirement plans and expensive spending. The study evaluated that these regrets changed the course of the individuals’ lifetime but at a moment when it was too late to change.
The study focused on at least 2,000 participants and evaluated how they dealt with their financial issues. Study authors discovered that the average American citizen incurs an estimated $3,083 from their credit card spending on useless expenditures, especially during their tender years.
Americans sought people they trusted for financial assistance
TrueAccord, a company that focuses on debt collection, highlighted that several Americans have sleepless nights due to their financial predicament. At least three-quarters of the participants revealed that they planned debt-free parties for the days they would pay off their debts. 63% of the participants admitted that they turn to a close friend or relative that they trust for assistance in such moments. Some participants reiterated that their financial successes resulted from financial advisors or other individuals’ financial errors.
The study authors’ findings and recommendations on the study
Study authors discovered that the majority of the participants at the age of 28 years appreciate having a good credit score; however, a few of them believed that it was essential to begin developing their credit as early as 25 years. Furthermore, 81% of the Respondents admitted that good credit scores were more important than the need of keeping up with their social circles.
A few participants could remit their balances once their credit went terrible; however, the study cautions that this practice might affect the individual’s score. It is also essential to note that for some people, acquiring credit debt results from a livelihood change such as unemployment and healthcare situations.
