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Consumer Debt Bearing Down on 70% of Americans, According to New Study by America’s Research Group
Charleston, SC, September 18, 2007… The number of American families dealing with significant credit pressure has sky-rocketed in the last 12 months, according to a new Consumer Mind Reader™ national survey released today by America’s Research Group (ARG). Over 70% of participants (71.7%) in the bi-monthly survey said that they feel pressure from debts, compared with 48.9% in September 2006.
When consumers were asked if they feel “a lot of pressure from bills and credit card debt,” 17.0% said “yes” this September compared with only 10.3% at the same time last year. When asked if they feel “some pressure from bills and credit card debt,” 54.7% said “yes” in this survey compared with 38.6% giving a positive reply in September 2006.
“The figures add up to a 50% increase in the number of consumers living with a significant level of pressure on their household budgets from mounting bills,” said C. Britt Beemer, Chairman of ARG. “Our ARG data provide the background for the disappointing U.S. retail sales for August (excluding autos, minus 0.4%), the biggest decline since September 2006.”
“Consumers will be more bargain driven than ever this year,” Beemer added, “because that’s the only way that they can afford to buy things,” Beemer said. The lack of consumer confidence and spending power will have a huge impact on retail sales, he predicts.
The survey consists of 1,000 interviews conducted Friday, Saturday and Sunday, September 7 to 9, 2007 at ARG headquarters in Charleston, SC. The error factor is plus or minus 4.3%.
America’s Research Group (ARG) is the consumer-behavior marketing firm that provides clients the insight, strategy and tactics to increase market share. ARG’s expertise in consumer behavior has made it a key resource and advisor to leading brands and top retailers in the nation for 27 years.
Contacts: Britt Beemer, ARG, tel: 843 345 0939
BBA Communications: Barbara Burns / Eve Edwards
Tel: 212 486 1140 / 516 859 3402
Barbara Burns (212) 486-1140