Debt Survey Results

Debt Survey

I recently came across a debt survey that was conducted by a financial services firm named MNP Ltd., and was so intrigued by the results of the survey that I decided to share those results with you in this blog post. The survey asked the participants what they would be willing to do to get out of debt, and the results of the survey show that people are really desperate to shed their debt, and subsequently, are willing to do some extreme things to get rid of their debt. 

Survey Results

Consumers have been enjoying ultra low interest rates for the greater part of a decade, and have been sucked into the vortex of cheap money. As a result, many people have been living beyond their means, and will be directly affected when interest rates go up, as was the case this week when the Federal Reserve in the U.S. led the charge by increasing interest rates by 25 basis points. It is inevitable that most Central Banks throughout the world will follow the lead of the Federal Reserve by also raising their lending rates. When interest rates go up, many individuals will have a difficult time managing their debt load.

The findings of the Debt Survey could not have been released at a better time, as the iconic Toys R' Us stores in the U.S. are scheduled to close, leaving over 30,000 workers unemployed, and likely many of those workers have personal debt of their own.

When it comes to debt management, you don't want to have to be forced to take desperate measures to deal with it. The results of the debt survey allow us to see what people would be willing to do to shed their debt, if push comes to shove. Here are the top 5 things that the respondents in the survey were willing to do to get out of debt:

• #5 - NO Voting for 8 Years -  21% of participants were willing to NOT vote for 8 years if it would guarantee them to be debt-free.
• #4 - No Credit Cards for 5 Years - 24% of participants agreed to not use any credit cards for 5 years if it guaranteed to get them out of debt.
• #3 - No Vacations for 3 Yeas - 26% of participants agreed to not take a vacation for 3 years if it guaranteed to get them out of debt.
• #2 - 10 Hours Overtime/Week For One Year - 27% of participants agreed to work an extra 10 hours a week of overtime for an entire year, if it guaranteed them debt-free status.
•  #1 - No Dining Out for One Year - 45% of participants said they would agree to not eat out for an entire year if it meant they would be debt free.

 As you can see, people are willing to go to extreme lengths to be debt free. In fact, 5% of respondents said they would be ready to part ways with a non-essential body part, if it served to eliminate their debt, and 7% of respondents would move back in with a parent or a child if it served to get them out of debt. 

Summary

While the results of this debt survey are quite fascinating, I would recommend that instead of taking such extreme measures in your own life, start taking action today by implementing a debt repayment strategy, and learn how to manage your money so you can pay off your debt. Register for my 7 Steps to Getting Out of Debt and Building Wealth Program, and elevate your financial well-being so you can begin living the life of your dreams. Here's the link to the course - https://www.adeolaomole.com/store/2LABaTve

Talk to you soon!

Adeola Omole

 Supercharge. Your. Life.