Paying Down Debt Top Financial Goal for 2015

Paying Down Debt Top Financial Goal for 2015

February 16, 2015         Written By Justin Hefner

According to a new poll from American Consumer Credit Counseling, 71% of Americans say paying down debt is their top financial goal for 2015.

Debt payment goals far surpassed other financial New Year’s resolutions, including building a savings account at 13%, creating a budget at 5%, and reducing spending or contributing to retirement at 3% each. The other goals mentioned by respondents were making an emergency fund and saving for large purchases, each at 2%.

The goal to pay down debt may be a result of how Americans feel about their finances from last year. 22% said their biggest regret was relying too much on credit cards, 19% said they failed to follow a budget, 13% had frivolous spending, and an additional 11% regretted not paying down debt in 2014. Only 11% of respondents said they had no financial regrets whatsoever.

Fewer Americans are setting financial goals for this year than they did last year, according to a poll by Fidelity. Only 31% of Americans have financial resolutions for 2015, compared to 43% in 2014. Roughly half of individuals who said they made money goals last year said they felt better off this year, but 38% of people said they did not reach their goals.

The information contained within this article was accurate as of February 16, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Justin Hefner

Justin Hefner is in the education field and has written about a number of financial issues. He holds a Bachelor of Arts degree from Texas Tech University and a Masters in Education from Texas State University.
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