| August 19, 2014

Financial Concerns Overwhelming for Many Americans

Fifty-one percent of Americans fret over being able to afford more than just the basics.

Are you feeling overwhelmed by financial trouble?

Leading indicators such as the Dow Jones Industrial Index point toward a healthy economy. Just don’t tell that to the average American because they’re not listening. They have other things on their mind. According to a new survey of over 2,000 adults by The Harris Poll, 63 percent of parents with children under 18 don’t think they’ll be able to afford college for them. Fifty-five percent are concerned they’ll have to work beyond the retirement age, which is 67 for people born after 1959.

What else are Americans worried about?

  • Forty-one percent don’t think they’ll have enough money for the basics, such as food clothing, a house and transportation.
  • Sixty-eight percent of self-employed Americans don’t think they’ll have enough funds for retirement.
  • Sixty-three percent of the self-employed think health care costs will become too expensive for them.

The generation gap

When the data is broken up into generations, younger Americans are more worried. For example, 64 percent of Millennials and 74 percent of Gen Xers are concerned about affording retirement – compared to the general 55 percent mentioned above.

Housing is also a great concern for many younger Americans. Twenty-three percent of Americans with a mortgage are concerned about losing their home. That jumps to 32 percent for Millennials that have a home and a mortgage. For the younger generations who don’t own homes, 66 percent of Millennials and 68 percent of Gen Xers don’t think they’ll have enough money to buy one.

Financial tips to ease the worry

Considering so many Americans are sounding the alarm when it comes to their financial situation, Gary Herman, president of Consolidated Credit, collected a variety of tips to ease the pain.

  • Budgeting: If you don’t have a budget, create one as soon as possible. Budgeting is the best way to track and cut down your spending. Don’t forget to include retirement savings in it.
  • Housing counseling: For all the young Americans worried about losing their homes or don’t yet own a home, housing counseling helps you manage your most important asset.
  • Saving for college: Affording college and avoiding college loan debt is a difficult. That’s why it’s important to start saving now, and learn what avenues, such as financial aid, are available to you.
  • Retirement planning: As mentioned above, budgeting for retirement is essential, but there are other things you can do such as taking advantage of your employer’s 401(k) plan. There is some good news regarding retirement as noted in “Can You Really Retire with Enough Money?”

The financial pressures that are heaped on people can really stir up some frightening feelings,” says Herman. “Just the thought of losing your home or going bankrupt is enough to keep you up at night. That’s why it’s so important to have a plan, even if that means talking with a certified credit counselor or financial planner to help get your financial strategies rolling. But even they will tell you, it all starts with budgeting and cutting spending. That’s the key.”

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

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