Americans' Top Financial Priority is Bills
Money

Americans’ Top Financial Priority is Bills

Your partner is a credit fugitive…but there may be hope: The phone rings constantly throughout the day and early evening and your partner refuses to answer. Or worse, you’re constantly meeting your partner somewhere new because they frequently have a new residence. While financial expert, Harrine Freeman notes such warning signals, she says before rushing to judgment one should attempt to have an open and honest conversation about credit. “In 2010, FICO Inc. showed that 25.5% of consumers—about 43.4 million people—have a credit score of 599 or below,” she states. “Many people have bad credit so don’t jump to conclusions. Find out the whole story before making decision if you want to continue dating them.”

Much has changed in America over recent years, but there is one constant: Our number one financial priority is tackling bills. In a report by Bankrate.com, nearly 50% of Americans expressed they were most concerned about managing their bills. The number only seems to increase over the years. From 32% in 2012 to 36% in 2013, this year 41% of Americans are experiencing debt or trying to stay current on living expenses.

This was particularly common among those between the  ages of 50 and 64. Older Americans 65 and up were more likely than other age groups to provide financial assistance to loved ones, as 15% said this was their top priority.

Greg McBride, Chief Financial Analyst of Bankrate.com, says, “Americans’ top financial priorities reflect the realities many households face of stagnant incomes, outstanding debt, and insufficient savings.” Backing McBride’s statement, the report concluded other common financial priorities were paying debt (22%) and saving (17%).

Despite America’s increasing need to get a hold of their bills, our feelings regarding job security, comfort level with debt, net worth, and overall financial situation improved compared to a year prior.

Catching up on bills can seem overwhelming. Read this woman’s inspiring story on how she came out of $50,000 in debt.


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