Posted on October 13, 2011
Money Management International’s 2011 Debt Survey focused on the way debt impacts U.S. consumers.
Survey question overview
- How well is your family handling debt compared to our leaders in Washington, D.C.?
- How does your household’s credit card debt compare to the national average of nearly $16,000?
- Do you carry an unpaid balance from month to month on any of your credit cards?
- What percentage of your household income goes towards paying debt (credit card payments, revolving payments for big ticket items like furniture, mortgage payments, student loans, etc.)?
Suggested storylines based on survey findings
- The current debt crisis is having a negative effect on some Americans’ plans. In a recent MMI survey, nearly 4 in 10 Americans report that they’re planning for a later retirement, and an equal number say they are investing less.
- For many Americans, a significant proportion of their income goes toward paying down debt. In a recent MMI survey, a fifth said that 40 percent or more of their household income goes to debt reduction.
- On average, roughly 20 percent of an American’s income is paying down debt.
- According to MMI’s survey, more than 80 percent of respondents said it would either take “way more than 5 years” or “never” to pay off their debt.
- Americans with debt expect that it will take 4 years to pay it down, which may be too long of a sacrifice to feel motivated.