More Than 8 in 10 Americans Prioritize Paying Down Debt Rather Than Saving for the Future, According to Survey from American Consumer Credit Counseling


(PRWEB) August 20, 2013

Eighty-three percent of Americans admit that they would rather pay down their debts instead of save for their future, according to a recent online poll conducted by American Consumer Credit Counseling. The survey also found that 58 percent of consumers do not regularly deposit money in a savings account a risky financial move that could land consumers further into debt (infographic).

Of the 397 consumers surveyed in the recent ACCC web poll at ConsumerCredit.com, 83 percent say paying down credit card debt is more important than putting away funds for a rainy day or future investments such as retirement or their childrens education. Additionally, 27 percent of those surveyed confessed that they hold over $ 20,000 in credit card debt, which typically holds the highest annual interest rate.

With outstanding consumer debt surpassing $ 2.8 trillion, Americans are being forced to choose between paying down rising debts and saving for a healthy financial future, said Steve Trumble, president and CEO of American Consumer Credit Counseling. Although diminishing credit card debt is important, a balance must be struck between preparing for financial downturns and limiting the amount of debt that you hold.

ACCCs national survey also found that 25 percent of respondents reported they simply do not earn enough money to stash away any savings for the future, while only 6 percent confessed that their excessive spending habits restrict their ability to save.

Even in tough financial times, there are still opportunities for consumers to boost their savings, added Trumble. An employee-sponsored retirement plan, such as a 401(k) matching program, can exponentially increase your savings funds if you participate in it to the fullest its essentially free money that can act as the last step between debilitating debt and freedom from the bank.

According to ACCC, there are several steps that can help consumers pay down their debts, while stowing away money for future financial security. Some initial steps that consumers can take include:

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