ATLANTA – Georgians start feeling chronically stressed when their debt exceeds $25,000, according to a new national survey.
release:
Georgians feel ‘chronicly stressed’ with $25,526 in debt, survey finds.
- A national survey to identify when debt becomes worry-inducingly high.
- Delawareans have the highest debt anxiety thresholds. South Dakotans are the fewest.
- interactive map It also included stating thresholds for debt insecurity for each state.
The issue of personal debt has always been a hot topic in America. Excluding mortgages, the average American has about $38,953 in debt. This financial burden often leads to great stress for many, but a select few can get out of debt strategically thanks to solid repayment plans. But one question that intrigues many is how much debt, specifically, puts people at risk. At what point does the burden become so great that it starts causing anxiety?
Several studies have investigated the relationship between high stress levels and poor health. However, some might argue that worry plays an important role in personal finances. Debt stress often acts as a deterrent, preventing people from getting further entangled in a web of financial debt. On the other hand, there are people who think they can afford to have a lot of debt. Are these people savvy gamblers in a high-stakes game, or are they ignoring the immediate danger of potentially piling up debt and unwittingly sinking deeper into financial turmoil? Is it?
well kept wallet, the personal finance website, conducted a survey of 3,000 respondents nationwide to explore these questions. They calculated a “debt anxiety index” for each state by asking respondents about their personal debt anxiety threshold. In other words, they asked about debt levels, excluding mortgages, where people start to feel chronically stressed.
Surprisingly, the state with the lowest debt anxiety threshold was found to be South Dakota. Mount He Rushmore residents begin to languish financially when their total debt totals just $4,000. In stark contrast, Delaware residents had the highest debt anxiety thresholds. Delawareans can afford to borrow as high as $41,667.
The study also found that the average Georgian begins to feel chronically stressed when they have more than $25,526 in debt, which is higher than the national average of $22,514.
Here are the top five states with the highest debt insecurity thresholds:
#1. Delaware: $41,666.67
#2. Wyoming: $40,000.00
#3. Hawaii: $35,000.00
#4. Idaho: $30,000.00
#5. New Mexico: $28,333.33
The bottom five states with the lowest thresholds for debt insecurity:
#50. South Dakota $4,000
#49. North Dakota $4,800
#48. Montana $5,000
#47. Alaska $10,000
#46. Kansas $13,235
created by wallet to keep safe • View in enlarged version
In addition to regional comparisons, the study also revealed the types of debt that cause the most stress for people. A sizable 36% of respondents said credit card debt was the most worrying of them all. Personal loans follow in second place, with 23% admitting this form of debt is the most stressful. Concerns related to medical debt were indicated by her 18% of respondents, followed by student loans (15%) and auto loans (8%).
The study highlights the dire situation of everyday life under the shadow of debt. About a third of respondents confessed to worrying about debt on a daily basis. A whopping 78% admit to having had to choose between buying groceries and paying interest on debt. The survey also highlighted that debt can have a significant impact on physical and mental health, with many respondents attributing significant health problems directly to financial hardship. I believe there is.
“This study provides deep insight into the far-reaching impact of debt on the daily lives of Americans. It is clear that we need to work towards improving financial literacy and strategic debt management. It’s not just about your health, it’s about improving your overall quality of life.Remember, it’s never too early or too late to start your journey to financial health and freedom.” Founder Deacon Hayes says: well kept wallet.
