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New Survey: Millions of Americans Met the COVID-19 Outbreak Indebted

[Wednesday, April 15th, 2020] has recently published the results of its annual long-term debt poll conducted online from March 4-6, 2020 by an international research data and analytics company, YouGov Plc. 2,526 U.S. adult respondents, among which 1,855 credit cardholders and 1,086 credit cardholders with debt, took part in it.

One of the major survey outcomes is that 59%, or 110 million, those having credit cards were already carrying debt on them when the coronavirus came to the United States. Moreover, 56% / 61 million have been holding it for more than a year, 25% / 27 million – for 3 years or more, and 15% / 17 million – for the whole 5 years or more.

Comparing to the previous year, the number of credit card holders carrying balances for more than 2 years was equal to 37%. Statistics in relation to one-year and five-year debts almost stayed the same – 56% and 14% respectively.

But that’s not all. Let’s have a look at other important poll findings of this year:

  • The largest percentage of debtors is among Gen X (66%) and millennials (65%), followed by baby boomers (57%).
  • Other significant factors affecting the presence of credit card debts are under-age children in the family, less than $40,000 income, and low education level.
  • 49% are worried about their debts. This anxiety is again more common for millennials (60%), Gen Xers (49%), and baby boomers (43%).
  • The reason for most credit card debts is regular daily expenses like groceries, utility bills, etc. (26%). Retail purchases take second place (18%). Medical expenses (13%), car service (12%), traveling (12%), and home handling (10%) come next.

The statistics are pretty regrettable. But, fortunately, banks are currently ready to make concessions and help those who faced financial hardships due to COVID-19 cope with the situation. Some issuers rolled out dedicated COVID-19 Relief Programs, while others offer customers support on individual terms. Anyway, if you also became a coronavirus victim, you won’t lose anything if you turn to your bank for assistance.

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