As the average amount of consumer debt climbs, American Consumer Credit Counseling’s recent poll found that 83 percent of respondents opt to pay off debt rather than invest in a savings account. In fact, a large number of consumers, 58 percent, responded that they do not regularly contribute to a savings account. For those who said that they are unable to save for the future, they attributed it to a number of reasons including: not earning enough, putting savings toward credit card debt, spending too much to save, putting savings toward other debts, and contributing to a retirement fund instead.
The poll also found that on a weekly basis, the majority of respondents (37 percent) save nothing weekly, while others save anywhere from 20 to 150 dollars weekly. For a full breakdown of how consumers prioritize paying off debt versus saving for the future, see the infographic below:
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<a href="https://www.consumercredit.com/debt-resources-tools/infographics/information/more-than-8-in-10-americans-prioritize-paying-down-debt-rather-than-saving-for-the-future/"><img src="https://www.consumercredit.com/wp-content/uploads/2020/06/credit-card-debt-vs-savings_infographic.jpg" alt="More Than 8 In 10 Americans Prioritize Paying Down Debt Rather Than Saving For The Future" title="More Than 8 In 10 Americans Prioritize Paying Down Debt Rather Than Saving For The Future" /></a>