Existing debt is an issue for a number of individuals, and their struggles with it may prove to be embarrassing. This could be a reason why some will need to take extra care to ensure that their personal finance strategies are strong and they stick to these methods.
Nearly 40 percent of Americans named credit card debt levels as their most embarrassing item to deal with, according to a report from the National Foundation for Credit Counseling. This was higher than the 30 percent who explained they were hesitant to say what their credit score was, due to them being uncomfortable with the level.
These levels were significantly higher than some other common responses. The report explained that 12 percent felt that their current weight was something they would rather not touch upon, while 1 in 10 noted that their bank balance was the most embarrassing aspect of their life. Just 1 percent noted that they would not like to disclose their age to others.
“Since consumers revealed that the two facts they’d be most embarrassed to admit are related to credit, it is obvious that they are not comfortable with how they are currently managing their money,” said Gail Cunningham, spokesperson for the NFCC. “The good news is that there are solutions available for those who want to take charge of their financial future. Since April is Financial Literacy Month, now is the ideal time for people to address their financial concerns.”
Americans worry about financial standing
Getting an improved financial strategy together can be important, especially if a person is already dealing with some difficult money issues.
Nearly three-quarters of Americans noted that their financial situation did not improve this year compared to last, or it got worse, according to a report conducted by Harris Poll for the American Institute of CPAs. Another 44 percent felt a high level of stress regarding their finances.
“With slightly more than half of U.S. adults expressing little to no stress about their increasingly difficult financial circumstances, it seems that many Americans are reconciled to an uphill financial battle and that financial juggling and sacrifice will be a part of the foreseeable future,” said Ernie Almonte, chair of the the National CPA Financial Literacy Commission at AICPA.
Approximately 12 percent of Americans polled explained that they are struggling to deal with their daily finances, the report added.