Paying down debt is a top financial priority, and FSIs (financial service institutions) can make it easier by providing new technology and ways to make consumers feel more in control of their debt payment strategy.
Albany, NY -- (SBWIRE) -- 01/03/2018 -- Awareness about the challenges associated with taking a debt continues to witness an increase among US consumers, but this high level of awareness is not being translated into decisions of not taking debt. A new report offers the subtle factors regarding the consumer attitude towards debt in the US, giving stakeholders from various sectors, an invaluable source of information on the motivations and aspirations that drive consumers to take on more debt. The report titled "Consumer Attitudes toward Debt - US - November 2017" has been added to the comprehensive repository of Market Research Hub (MRH).
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According to the report, a majority of consumers in the US are confident in their ability to take on debt, however, the regulations mandate that financial service providers offer complete information to consumers. The report further opines that paying off debt remains a key concern among the consumers, and financial institutes can promote this by enabling seamless technology interface on smartphones and tablets.
Although a significant percentage of US consumers view debt in negative light, impulsive decisions and meeting urgent needs continue to be the key driving factors for taking more debt. According to the report, nearly half of the consumers were stressed by their financial obligation related to debt. However, this did not deter a quarter of consumers to take on additional debt.
According to the report, student loans and mortgages continue to be the main forms of debt in the US market. After the recovery in the US housing market, there has been a steady increase in the home buying process, which in turn has fuelled mortgage debts across the nation. The dependence on student loans across the country has also meant that student debt continues to add up significantly on a year to year basis. In addition to mortgage and student loan, the other significant debt in the US market is credit card. Debt taken through credit cards is mainly on account of impulse purchases, especially during festival seasons. For a significant percentage of consumers, staying out of credit card debt means using debit cards on a frequent basis. According to the report, mortgage debt has grown by over 1%, whereas total student loans crossed US$ 1.3 trillion. The credit card balances were pegged at over US$ 630 billion.
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The report further reveals that only 40% of young consumers are adding up to their total accumulated debt, whereas credit card delinquencies continue to witness an increase. Overall, the report is an invaluable piece of information that can help market players and stakeholders in formulating effective strategies.
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