TMCNet:  The State of American Finances Report Reveals Saving Money, Managing Debt and Financial Literacy among Top Challenges

[October 08, 2015]

The State of American Finances Report Reveals Saving Money, Managing Debt and Financial Literacy among Top Challenges

CHARLESTON, S.C., Oct. 8, 2015 /PRNewswire/ -- CompareCards, a leading credit card comparison and financial resource site, today released "The State of American Finances," which analyzed more than 3.6 million online conversations on American small business owners, families and young adults about their financial state and highlights each group's challenges and areas of improvement.

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"The proliferation of credit card use, rising education costs and the housing bubble have caused the average American's debt to rise by an astounding amount compared to older generations," said Kari Luckett, CompareCards' editor. "Although the younger generations are the most educated and increasingly entrepreneurial, they face an unprecedented amount of debt that they are ill-equipped to manage."   

Key findings from the report include:

  • Saving money remains a key issue, cited in the majority (53%) of conversations analyzed along with identity theft, daa security and credit scores.
  • The loss of asset value coupled with a decrease in savings during the recession has fueled increased credit card use and more debt.
  • As the costs of higher education increase exponentially, paying for college continues to be a top concern among adults already in the workforce as they attempt to pay off large student loans and also pay for their children's education.
  • Most Americans have received little to no formal education on personal finance, money management and/or credit.
  • Small businesses face a number of challenges including financing, available credit, and the increasingly troublesome and expensive problem of cyber-attacks and identity theft.

The report provides an in-depth study of each group's financial challenges with more statistics and suggested solutions to each group's setbacks. For more information, visit www.comparecards.com.

About CompareCards: 
CompareCards was formed in 2005 as a credit card listing resource, but has grown into one of the most trusted credit card comparison sites used today. Using a side-by-side comparison tool, consumers are able to compare credit cards and find the best offer based on the factors that are important to each individual. CompareCards also offers consumers a way to manage their overall credit score and financial health through their free Credit Concierge service. Additionally, CompareCards provides consumers with access to live credit experts, offers financial education through various infographics, and helps consumers stay on top of the latest personal finance trends and credit card news via CompareWallet.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-state-of-american-finances-report-reveals-saving-money-managing-debt-and-financial-literacy-among-top-challenges-300156323.html

SOURCE CompareCards


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