Industry News

Americans fall short in debt reduction

Survey finds many consumers' financial situations will grow worse this year

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Many Americans dream of a debt-free future but few are doing anything to plan for that scenario, according to a new survey released this week by Moreover, the vast majority of people who are most concerned about their debt have no intention or definitive strategy to manage it, but instead are planning to make big-ticket purchases that will make their financial situation worse. Occurring at a time of year when people traditionally take stock of their finances, The Smart Borrower Survey finds that many Americans long to become smarter borrowers but have quite a ways to go. hopes the survey, which polled 1,000 consumers, will highlight the importance of approaching debt wisely through smarter borrowing techniques and decisions as we enter 2005. "When it comes to breaking the cycle of debt, most Americans have good intentions. What they lack are the tools, support and knowledge to manage their debt wisely. They dream of a debt-free fut...