More than seven years after the end of the Great Recession, consumers are reluctant to take on more debt because they worry about their earnings and the economy, according to a Filene Research Institute study released Wednesday.
The Madison, Wis., think tank found more than half of the 1,164 adults surveyed last September said they plan to avoid debt unless completely necessary. However, they considered mortgages unavoidable.
More than 80% of respondents are worried about their current debt. They were stressed most by medical, credit card and student loan debt, and least by mortgage, entertainment and car debt.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.