A recent survey by Achieve, a digital personal finance company, highlights the challenges American households face in managing debt amid rising inflation and stagnant wages.
The study, conducted by the Achieve Center for Consumer Insights, surveyed 2,000 consumers across six categories of consumer debt, including credit cards, mortgages, auto loans, and student loans.
Results showed that nearly one-third of respondents found it difficult to pay their recurring debts on time, with 65 percent of those citing insufficient income as the primary reason. Other issues included owing money on too many different accounts (39 percent), timing mismatches between income and due dates (27 percent), and difficulty tracking all their debts (14 percent).
“Skipping payments on financial obligations in order to afford essentials is the type of decision driving more everyday people deeper into debt,” Achieve co-founder and co-CEO Andrew Housser said in a statement. “This research highlights the choices that many consumers have to make month after month to simply stay afloat.”
Respondents struggling with their household finances are prioritizing specific payments over others. The survey found that personal and student loans are most likely to be paid late or skipped entirely, while bills for mobile phones, mortgage/rent, and insurance are typically paid on time.
Twenty-four percent of respondents expect to be late on student loan payments in the next three months, while 16 percent foresee difficulties with personal loans, and 11 percent anticipate trouble with buy-now, pay-later loans.
“This data shows why the inability to enroll student loans in a debt resolution program or get them discharged in bankruptcy is an outdated and ineffective policy that does little to deter loan defaults,” he said.
The survey also provided insights into the debt spiral many Americans experience. Respondents who were delinquent on one account were often behind on other obligations.
For instance, 23 percent of those with a recent major credit card delinquency were also behind on store-branded cards, while 28 percent had missed payments on unsecured personal loans.
RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.
Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.
The giant alt investments platform's latest financing led by T. Rowe Price and SurgoCap Partners, along with State Street, UBS, and BNY, will fuel additional growth on multiple fronts.
Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.
New report shines a light on how Americans view wealth today.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.