Breaking the Debt Cycle: Confronting Bad Money Habits Across Generations More than half of Americans have been in debt at some point (51%) and 42% are currently experiencing financial difficulties.
New York, NY
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September 27, 2023 01:22 PM Eastern Daylight Time
With interest rates continuing to skyrocket and outstanding revolving debt hitting $1 trillion dollars this year, money management and debt are hot topics that impact just about everyone. But do they affect everyone in the same way? Recently, Natalia Brown, Chief Client Operations Officer at National Debt Relief and Dasha Kennedy, Founder of The Broke Black Girl and member of National Debt Relief’s Financial Wellness Board, conducted a satellite media tour to talk about the impact of bad money habits on people’s financial health and give advice on how people can break free from these habits to secure a more secure financial future.
A video accompanying this announcement is available at: https://youtu.be/bVwdo8OQHHw
National Debt Relief conducted a survey of 2,000 U.S. adults evenly split by generation to look at the differences between their financial attitudes and experiences. Although younger generations are worried about older ones, “bad” money habits are common across the board. The goal is to create more open and honest conversation around debt to reduce feelings of shame and isolation that are often felt when people are in debt, and to identify common pitfalls and where more resources and help are needed.
The survey conducted by OnePoll for National Debt Relief found that over 60% of people admitted to making poor decisions when it comes to money and 42% claimed they were going through current financial struggles.
On the flipside, most people claim they have at least some information about how to develop better money habits, but over 50% haven’t incorporated them into their behaviors – so while people may be equipped with information, they may not know how to make it actionable and use it to make positive changes.
Millennials seem to be more self-aware and responsible for their financial actions, with 71% owning up to their habits. And 45% of them say they are equipped with information to create better financial habits, which includes less traditional sources like influencers, podcasts and apps. They are also more actively using this knowledge than other generations.
These findings validated the need for more actionable tools and resources, as well as guidance and accountability, something that National Debt Relief is on a mission to help with. Not only does National Debt Relief help people with their immediate debt, but they also support their clients in making behavioral changes that contribute to building a more secure financial future for themselves and their families.
Across all generations, the most common money habits that contribute to a cycle of ongoing debt included writing off small purchases as insignificant (43%), gambling (39%) and using credit cards to pay bills (33%).
When trying to break free from these and other bad money habits, the first step is to understand your financial situation. It’s important to get a full picture of your debt situation by creating a detailed list of all your debts, including their balances, interest rates, and minimum monthly payments.
If your debt is overwhelming and you're struggling to manage it on your own, consider seeking help from a reputable resource like a debt settlement company or a financial advisor. They can provide guidance and may be able to help you negotiate with creditors.
National Debt Relief offers a free consultation to anyone interested in learning more about or exploring debt settlement. They work with clients by taking the stress and hassle out of the process and negotiating with creditors on their behalf to lower the overall amount owed. Personalized payment plans are set up based on the client’s budget and debt is paid off in as little as 24-48 months. They also provide their clients with tools and guidance to help them change behaviors that contribute to their debt cycle so they can build stronger financial futures for themselves and their families.
Once you have a plan, it’s important to stay committed. Try not to get discouraged by setbacks or slow progress because it does take time. Try to celebrate your achievements along the way to stay motivated.
To get started on the path to financial stability, visit nationaldebtrelief.com or call +1 (800) 718-0487 for a free consultation.
About Natalia Brown:
Natalia Brown joined National Debt Relief (NDR) in 2010 and has served as Chief Client Operations Officer since 2019. Natalia plays a vital role in NDR's client journey, overseeing all client-facing operations of the business that sets the foundation to ensure clients’ success. She manages a team of more than 400 representatives and is responsible for creating a collaborative and efficient environment that allows her team to provide an unmatched level of support and guidance to clients on their path to financial stability.
About Dasha Kennedy:
Dasha Kennedy is the founder of The Broke Black Girl. As a financial activist, Dasha has dedicated her career to bridging the gap between equity and financial education and creating a more secure financial future. Her work has inspired many to take control of their finances and build a better future for themselves and their families. In fact, she has helped 70,000 African-American women kickstart their personal finance journey through culturally relevant financial education.
Survey methodology:
This double-opt-in survey of 2,000 general population Americans split evenly by generation was commissioned by National Debt Relief between August 4 and August 8, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
About National Debt Relief:
National Debt Relief (NDR) is redefining the debt settlement journey. Our Whole Human Finance™ approach empowers, supports and guides our clients as they transform their lives by reclaiming their financial health and independence. As an accredited BBB A+ business, and named the top-rated debt settlement company in 2023 by Forbes Advisor, NDR has been recognized since 2009 for its human-centric approach to helping clients achieve financial wellness, and for helping hundreds of thousands of people resolve their debt and rediscover their whole selves. For more information, please visit: www.nationaldebtrelief.com.
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