If you’re of a certain age, you likely remember those “What would you do for a Klondike bar” commercials like the one below. Well, in similar fashion, a poll was conducted and people were asked what would you to be completely debt-free? Rather than be allowed to make suggestions, participants had to choose from a list of options, but it is interesting to see what people would do. The poll also asked people how much debt they have, and the amount may surprise you.
Nearly one-third of participants would give up on social media for a year if it meant wiping out all their debts (there are some people I know for whom we could get a collection going if it meant not having to see their social media posts for a year). Thirty-percent of people would go a whole month — A WHOLE MONTH — without Internet access. They would have to go back to watching regular TV and reading newspapers.
Even if people did have their debts wiped away, most consumers believe it wouldn’t be long before they were back in debt. The over-under on how long it would take consumers to accrue new debt is eight weeks, according to the poll. The most likely sources of debt for consumers are credit cards (57%), mortgages (30%), car loans (30%), and medical debt (28%).
The average amount of debt held by consumers is $54,767, according to the poll, with 56% of respondents saying that they owe more for necessities than for luxuries.
Only 29% of consumers are “very confident” in their ability to pay off their current debts on time.