Personal Credit Concerns Increase Across the Nation

As the President’s speech to the nation is still fresh in the minds of many worried about the impact of the debt ceiling collapsing, new studies show that American’s are truly worried not only about the impact of what will come in the short-term but also how they will manage in the future.

Last Fall, the nation was shown to start rebuilding their confidence associated with their personal financial situation. More consumers were focused on debt relief and improving credit scores. Now that the economy’s recovery effort is appearing shaky at best, it appears things are beginning to move backwards.

More than half of the country is under the weight of their household debt. According to a poll conducted by the Associated Press-GfK, more than 20% of Americans are stressed about debt during the majority of their day. Other data shows that more than a third of consumers who have made purchases on their credit card within the past month will not pay off the balance in full at the end of the billing cycle.

This information is opposite of what the study found last fall. Stress linked directly to debt issues was up 17% higher than the previous polls conducted in November 2010. This level of stress has not been present since 2009 and early 2010.  The data also shows that households earning greater than $75,000 have experienced the greatest amount of debt-related stress since the previous fall.

As more eyes focus on the people in Washington, consumers may have a right to be worried about making financial ends meet. With the proposed halting of Social Security checks and other government benefits, consumers may be hard pressed to meet the bare minimum of the financial obligations they currently have. As a result, credit score will once again plummet and it will be tough to secure financing for consumers for years to come, creating another dose of chaos in the world of personal finance.

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