A recent study conducted by OnePoll on behalf of the National Debt Relief reported that the regular American lacks a minimum of 200 hours of sleep annually recollecting their debts, thus experiencing at least three nightmares each week. There is also a large percentage of Americans that fear disbursing money so that they don’t acquire debts.
The study further revealed that three out of four people would forgo certain activities and purchases to avoid the pressure or follow a reminder of the debt they acquired. In addition, most Americans classify credit cards as the worst form of debt, followed by medical and student loans.
How debt has affected the lives of Americans
The study authors focused on 2,000 participants and investigated how much debt had affected their lives. Several participants admitted that the multiple loans led them to leave or avoid certain activities they love. The study authors also reported that some Americans acquire a lot of pressure while spending money, hiding their financial situations from others.
The rate of debt in America is increasing, and it is now a sufficient reason for an individual to refuse to get married to steer clear from inheriting their partner’s debts. In addition, the grief associated with debts is also a ground of divorce in the country.
70% of the Participants cannot afford to keep up with the lifestyle they are accustomed to, and some of the participants admitted that their retirement funds were already affected by their level of debts.
Americans are trying to find ways to clear their debts
The COVID-19 pandemic led to a hefty rise in inflation; thus, several Americans fear that they are inheriting and passing off debts as an everyday thing. However, the majority of those affected are looking for means and resources to clear their debts to live freely,
Several of the Americans affected by debts believe that their debts have altered their attitude on the current financial situation. The authors revealed that 71% of the participants describe the anxiety as a black cloud that hovers over them when they take care of the debt, thus impacting them mentally.