Consumers Scrap Vacation Plans Due to Stress from Debt
According to a recent poll , 35% of Americans delayed their vacations this past year because of stress related to debt.
Over 1,000 people in a study conducted by Princeton Survey Research Associates International revealed that family vacations are taking a back seat this year to debt and the concerns that comes with it.
This isn’t the only sign of sacrifice people are making to try to get out of debt. Some are delaying major decisions in their life.
5% of the respondents said they delayed getting married because of their debt while 7% said they delayed having children. 18% delayed buying a car. This is because most people who owe money somewhere cannot handle the thought of taking on even more debt at the moment. They would rather put off their expenses until a later date.
Even 23% of Americans delayed buying a car due to the stress of debt.
Mortgage loans were the most stressful forms of debt in the survey, with 19% of participants saying that house payments caused them the most stress. 14% of people said their stress came from student loans, and another 14% said it originated from credit card debt.
Of the people stressed about credit card debt, 47% delayed vacations because of it, and 28% delayed buying a new car.
The type of debt that people were stressed about fluctuated by age, but nearly every respondent showed some sort of concern for their finances.
If you feel overwhelmed by the money you owe, know you are not alone.