Inflation starts taking a back seat to other household debt and credit concerns, Achieve survey finds

Inflation may have been the talk of the town for quite some time, but a new survey by Achieve reveals that other household debt and credit concerns are slowly taking center stage. The survey, which polled 1,000 consumers in the United States, found that a whopping 57% of respondents rely on credit cards to make ends meet.

This shift in focus away from inflation is significant, as it highlights the growing burden of household debt and the increasing reliance on credit among American consumers. The survey also found that 31% of respondents have more than $5,000 in credit card debt, while 22% have over $10,000 in debt.

The findings of the Achieve survey are consistent with recent trends in consumer behavior. With the cost of living continuing to rise, many Americans are turning to credit cards as a means of bridging the gap between their income and expenses. This is particularly true for those living in urban areas, where the cost of living is often higher than in rural parts of the country.

However, relying on credit cards to make ends meet can be a risky strategy, especially if consumers are not able to pay off their debt in a timely manner. Credit card interest rates can be exorbitantly high, and failing to pay off debt quickly can lead to a vicious cycle of debt that is difficult to escape.

The survey also found that 40% of respondents have considered using a personal loan to consolidate their credit card debt. This approach can be a smart move for those who are able to secure a low-interest rate personal loan, as it allows them to pay off their credit card debt and avoid the high interest rates associated with credit cards.

Another notable finding of the survey was that 27% of respondents have missed a payment on a credit card or other loan in the past year. This is a concerning trend, as missing payments can negatively impact one’s credit score and lead to additional fees and penalties.

The survey’s findings highlight the importance of financial literacy and planning among American consumers. With household debt and credit concerns taking a back seat to inflation, it is clear that many consumers are struggling to make ends meet and manage their finances effectively.

To address this issue, financial education and planning resources should be made more accessible to the public. This can include workshops on budgeting, saving, and investing, as well as online resources and tools that help consumers track their spending and create a plan for paying off debt.

In addition, policymakers and regulators should take note of the survey’s findings and consider implementing policies that protect consumers from predatory lending practices and high interest rates. This can include stricter regulations on payday lenders and credit card companies, as well as initiatives that promote financial education and literacy among young people.

In conclusion, the Achieve survey’s findings reveal a shift in focus away from inflation and towards household debt and credit concerns. With 57% of consumers relying on credit cards to make ends meet, it is clear that many Americans are struggling to manage their finances effectively. By promoting financial education and planning resources, and implementing policies that protect consumers from predatory lending practices, we can work towards a more financially stable future for all.