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More Consumers Made Financial Resolutions for 2016

 
 

By Natalie Rutledge | January 21, 2016    



There has been a substantial increase in the number of Americans making financial resolutions for 2016, according to the latest survey from American Consumer Credit Counseling.  Financial Resolutions for 2016  

More than 75% of consumers have made financial resolutions for this year, a significant jump from 53% in 2015. 95% of this year's respondents who have financial resolutions said they have a specific plan in place to help them achieve their goals.

More than half of those surveyed said paying off debt is their top financial goal. 22% of consumers want to save more money this year, compared to 13% last year.

Nearly one-third (32%) of this year's participants said debt was their biggest source of financial stress. Last year, 22% of respondents felt their biggest regret was relying too heavily on credit cards, and 13% said they regretted spending money frivolously.

ACCC only surveyed 146 people this year through an online poll, so the numbers may not be fully reflective of the American population. In December, Allianz Life Insurance Company polled slightly over 1,000 people and found only 29% of respondents had New Year's resolutions related to financial stability. 44% of those participants had resolutions related to health and wellness, not their savings or debt.

 

 

 

 

 

 

 

 

 

 

American Consumer Credit Counseling (ACCC) is a non-profit organization providing free credit counseling, low-cost debt management services and homebuyer education to first time house buyers as well as those re-entering the housing market. Available on desktops, laptops and mobile devices, ACCC's online home buyer course provides help for first time buyers and the certification required to close on certain loans. ACCC's online home buyers course provides everything buyers need to know about purchasing a home – from working with realtors to preparing for closing. In addition to a first home buyers course, ACCC also offers counseling for consumers considering reverse mortgage solutions, with information about qualifying for a reverse mortgage and answers to questions like "How do reverse mortgages work?"

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