Survey Poll: Stress Because of Debt

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Survey Poll: Stress Because of Debt

Stress due to debt is very common, and we wanted to know what our users were feeling about their debt. So we asked them.

Below is an infographic we created representing the answers provided in the surveys filled out by our users regarding debt related stress. The sample size was 43,289 people who had FICO scores ranging in the high five hundreds to low six hundreds. There is also a map showing the average credit score (fico score) for each State.

We provided the average amount of debt in the study group for student loans, mortgage, and credit cards. Average student loan debt in sample came in at $43,391 – credit cards at $16,203 – and mortgage at $185.298.

Data Collection For “Stress Because of Debt” Study

All data was pulled from surveys administered on this site (financing-usa.com) and it’s sister site californialoanfind.com. Percentages were calculated with the data provided by users, visitors, and customers on the sites. All data was provided by 43,289 individuals who reside in the United States. Their survey answers were give voluntarily. All surveys were conducted between 2008 and 2015. The average credit score for the people in the study group ranged between 590 and 610 (Experian, Transunion, and Equifax ).

Levels of Stress

All consumers were asked how their stress levels were because of their debt. Of course this ranged wildly depending on the person’s ability to handle stress, how much money they owed, and their ability to pay their debt(s) down. The question asked of the study group was, “What level of stress do you have because of your debt(s)”.

These were the levels of stress choices they had – they could choose multiple selections;

  • usually thinking about money – affecting mood
  • affecting relationships – home and work
  • lowered self esteem due to debt
  • physical stress symptoms – loss of sleep, etc.
  • having suicidal thoughts because of debt stress
  • don’t care anymore

All percentages of the answers are presented in the infographic below.

Credit Score Averages Per State

We also provided a map of the United States showing the average credit score, with a color key to show which states had the worst and best consumer level credit scores. This information is just a bonus in this infographic for the purpose of curiosity. The data for this is provided by consumers in the United States in all ranges of credit scores, whereas in regards to “Debt Because of Stress” the sample group consisted of people with credit scores lower than the average in each State. This is very important to remember for this infographic.

Types of Debt – Average Amount Owing

We also wanted to know what types of debt our group had. We asked them how much they owe on these types of debt as well. We included student loan debt, mortgage debt, and credit card debt. The group’s average debt amount came in at just over $16000 for credit card debt, over $41000 for student loans, and $185,298 for mortgage debt(s).

Comments From People Needing Money

So far we’ve had just shy of 3400 people from all states asking for help in the form of cash loans for all purposes. You can see examples here for requests between $30K – $40K. Here you can see comments from people in a different State hoping they can be guaranteed approval on their loan application (you can see what our staff thinks about so-called “guaranteed loans” in the post).

Stress Symptoms Due To Spiraling Debt

There are of course many symptoms that can be caused by stress, and here is a good list of them based on the four main categories – cognitive, emotional, physical, and behavioral. Now – we did ask our group which of these symptoms of stress they were experiencing, and they let us know – the list was long and wide! The only problem with that kind of data is that it’s extremely subjective. Each person is different, and their situations are all different. We couldn’t really include this data in this infographic, because there was no way to clarify each symptom on it’s own, considering that when a person is suffering from stress they can many times imagine more symptoms. The symptoms may be real or imagined. Also, there was no way to determine which symptom was truly a stress point caused by having too much bad debt.

Counseling People with High Debt and Stress

There was a time when we could counsel people on their debt and the stresses that are caused by their dad. But unfortunately there’s just too much volume for a small office staff to handle. So what we have did over time was provide tips to help people to deal with the stress they have due to money problems.

High debt and low income is extremely detrimental to human existence – especially in the western civilized world, but the statement stands true in most areas of the world. Certainly in the United States having a very poor credit rating, mounting bad debt, and low income is bad for your stress levels and bad for your health – mental and physical.

Our advice to consumers in this kind of high stress, high debt, and low income situation is to CHANGE your lifestyle now. Easy to say right.

Sometimes people find themselves in deep debt through no fault of their own, but that is rare. Almost always the stress and anxiety sufferer was the primary cause of the bad situation. But it’s only temporary. It may sound too simple, but in fact your financial mess is temporary. The stress is either going to get worse or better – your current situation is going to change. Your debt is either going to get higher or lower – your current debt is only temporary.

So you have to decide what you are going to do going forward. Are you going to live with this stress, or are you going to take the steps to change your financial situation.

It may be too late to raise a sinking ship, and you may have to claim bankruptcy – you may have to make a deal with your creditors to pay back only a portion of what you owe. Either way, your credit rating will be destroyed.

And so what! Millions of Americans before you and after you claim bankruptcy and slowly start over reestablishing their credit. What you have to decide is what changes are you going to make to never be dealing with this kind of money stress again. Below is a short list of what I did when I claimed personal bankruptcy.

Reclaiming Your Financial Life

  1. I stopped spending money on anything that wasn’t a need (temporarily)
  2. I started looking for a better way to make money than my current job
  3. I quit hobbies that cost money and replaced them with hobbies that MAKE money
  4. I started re-educating myself so I could make more money in the workplace
  5. I started using public transit
  6. I chose free methods of entertainment (library books, etc.)
  7. I got rid of all monthly bills unless they were needs (not wants)
  8. I stopped gambling

That was just the start. Step #3 was the biggest factor of all. I stopped spending money in my free time, and starting earning more money in my free time. Eventually my hobby was making more money than my old job. Then I quit my old job.

All this doesn’t happen overnight, so it’s a long-term goal you are after. It took me 5 years to turn everything around, and 7 years before I was set free from my bankruptcy restrictions.

If you are in the same situation I was in, try not let stress take over. You CAN come through it and be alright. You will be OK. Never forget that you are not alone. Money problems are all too common these days. But you can make the changes to better your situation and start over.

I hope you enjoyed this infographic – you are free to use this infographic on your site by using the embed code below.

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