Most Americans with Financial Troubles Find Fault in Themselves

  • Jan-04-2013
  • Richard Reich

A new report from the National Foundation for Credit Counselling (NFCC) showed that a significant portion of Americans who suffer from financial issues believe that their own actions have put them in such a situation.

A majority of participants, constituting 63 percent, told the surveyors from the NFCC their economic woes were largely self-inflicted. The other groupings stated that forces outside of their control, including bank foreclosure or loss of a loved one, factored into their present concerns.

Gail Cunningham, a spokesperson for the organization, highlighted the need for individuals to take a comprehensive look at their own finances to find ways to either cut costs or at least control expenses.

“The poll results are encouraging, as the first step to correcting a problem is recognizing it,” Cunningham was quoted as saying in a press release. “Taking ownership of financial problems empowers consumers, putting them in the driver’s seat to affect change. The poll results also support the need for increased financial education, as an educated consumer is less likely to stumble financially.”

In addition to the results, the NFCC released a set of recommendations for those dealing with economic problems to utilize in their daily lives. For example, the group strongly urges Americans to check up on their credit scores as often as possible. While there are companies that charge for this service, several IRS-approved agencies offer an annual free credit report card to U.S. citizens.

Another part of maintaining stable finances is preparing for the worst-case scenarios that can occur in life, and this means providing protection to your loved ones as well. There are a wide variety of affordable life insurance policies that you can look into, so contact Intramark Insurance today to learn more.

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