Most Americans say they are comfortable managing their debt despite higher prices and debt obligations, according to a recent survey by the National Foundation for Credit Counseling. The organization’s consumer debt score dropped from 66 to 64 in the third quarter of the year, with a baseline score of 50 representing a medium level of distress among consumers about their ability to repay debt. The score for the third quarter means most Americans have been able to both create a budget and live within it, NFCC said.
The consumer debt score has risen by 67% since its low in the second quarter of 2021 as many families returned to pre-pandemic routines of shopping, dining out and travel, according to NFCC. “This substantial increase highlights a noteworthy change in consumer financial distress over a relatively short period of time,” it added.
