Consumer Payment Card News

Paying-Off Debt Numero Uno with American Consumers

A new survey found the number one financial goal for consumers this year is paying off debt (78%) followed by starting/increasing retirement savings (6%), buying a home (3%) and buying a car (2%). More than half of the respondents (53%) believe it will take more than a year to complete their financial goal and only 23% say it will take them a year. 

More than 90% of consumers say they have a financial goal for 2017, according to a recent survey by national non-profit American Consumer Credit Counseling. More than two thirds of respondents (71%) say they have a plan to achieve their financial goal.

According to the Fidelity’s 2017 New Year Financial Resolutions Study, the top three financial resolutions among Americans include saving more (50%), paying down/paying off debt (28%) and spending less (16%). Among those who made a financial resolution in 2016, the majority (82%) consider it an ongoing resolution while 15% said it was a one-time event.

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt counseling, bankruptcy counseling, housing counseling, student loan counseling and financial education.

Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday consumer debt issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief.


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