A survey released last week by GreenPath Debt Solutions shows that credit card holders are pretty nervous overall about their finances. Greenpath surveyed 999 credit card holders, 90% of whom had an income beyond unemployment or disability checks, between June and December of 2010 and asked them a variety of debt-related questions. Despite the lack of surprises, their responses offer a helpful snapshot of what life is like when you're buried in bills:
· 95% of respondents couldn't easily pay an unexpected repair bill of $1,500.
· 80% usually felt stressed about their finances.
· 41% of respondents experienced some level of collection activity (notices or phone calls from bill collectors) in the past 3 months.
· 26% of respondents were sometimes paying their housing and utility bills (rent, mortgage, gas, electric) late or skip housing payments all together.
· 15% of respondents said they follow a budget and track their spending.
Among respondents 82% had at least three credit cards, and 50% had five or more. Some 72% were only paying the minimum due on their credit cards and sometimes making no payments at all; 25% were paying more than the minimum but never the full balance. Just 2% paid their credit card statement balances in full every month but were still having financial difficulties. Greenpath's CEO Jane McNamara had some related comments about Americans and their debt-related issues as reported in the survey press release which you can read here.
GreenPath Debt Solutions is a nationwide, non-profit financial organization that assists consumers with credit card debt, housing debt and bankruptcy concerns.
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