Fewer Americans Plan to Pay Down Debt in 2012

Fewer Americans Plan to Pay Down Debt in 2012


‘Tis the season for resolutions. A new poll found that two in five American adults are resolving to make positive financial changes for 2012. That includes paying down debt and saving more money. According to the Harris Poll, this is a lower number of adults making financial resolutions which could signal a tough year ahead for many.

Nearly one in four Americans say they expect the economy to improve this year. At the beginning of 2011 when people were asked if the economy would improve, 29% said yes. But now 29% believe it will get worse in 2012. Forty-seven percent believe it will stay the same.

Fewer Americans plan to pay down their level of debt in 2012. In 2011 and 2010 41% and 45% of Americans planned to pay off debt. This year 39% say they plan to pay down debt. Thirty-six percent will save more this year whereas in the past 40% and 42% planned to pay down debt. The poll found one in six will get rid of one or more credit cards and save more for retirement. Also compared to 2011 and 2010, fewer people will undertake home improvements, take out a home equity line of credit, or make less risky investments. While 2012 may not provide a clean slate financially, hopefully more people will be able to make it a productive year for their budgets and bank accounts.

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