Study Reveals Americans Struggling with Unsecured Debt Despite Efforts to Cut Costs
A new study by Freedom Debt Relief and Money.com reveals that many Americans are struggling to escape unsecured debt despite making significant lifestyle changes. Nearly half of those surveyed can only make minimum payments or are behind on at least one account, while nearly three in ten have tapped into retirement savings within the past year. The research challenges assumptions about consumer behavior by showing borrowers actively trying multiple repayment strategies and cutting back on dining out, shopping, and travel. Despite these efforts, many remain stuck due to a lack of guidance or confidence when negotiating with creditors. The study also highlights that most would accept a drop in their credit score if it meant becoming debt-free faster. The findings underscore the emotional toll of debt, as borrowers seek not just financial relief but greater stability and reduced stress. Freedom Debt Relief has launched a new research initiative to further explore these issues.
Topics: consumer debt debt settlement services financial stress