Better economy fails to lift spirits: Survey
Debt dogs many Americans, stressing them out even as they firm up their own financial foundations, according to an Associated Press-GfK poll.
About 46 per cent of those surveyed say they’re suffering from debt-related stress, and half of that group described the stress as “great deal” or “quite a bit.”
On the other hand, about 53 per cent say they feel little or no stress at all.
That’s in line with findings from last year, even though times seem better today: The economy is growing and generating jobs, and households have made progress in repairing their financial footing, trimming debt, watching spending and saving more.
So why aren’t the stressed — and the not-so-stressed — feeling better?
For starters, it just doesn’t feel much like a recovery to many. Unemployment is high — 9.9 per cent. The jobless face fierce competition for work. Those with a job are watching their paycheques shrink.
A growing number of people are at risk of falling into foreclosure, and only those with the most stellar credit probably can get a new loan. AP-GfK polls show that only 20 per cent say the economy is good, compared with 15 per cent last year.
A Debt Stress Index tied to the AP-GfK poll was 29.2 in May, unchanged from a year ago. The reading signals moderately low stress.
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