High-interest rates, inflation outpacing salary increments, and the inability to fulfill monthly debt commitments have driven consumers to delve deeper into financial strains.75% of respondents to the DebtBuster Money Stress Tracker say they are under financial stress. One of the main concerns is the fear of running out of money before their next payday and not being able to pay their debts.
DebtBuster Head Benay Sager says, “I think our main takeaway is that 75% of respondents say that they’re experiencing financial stress, and I think we need to put this into context. It’s a bit lower than last year, last year was 78%, and the year before was 70%. So yes, it’s come down a little bit. That’s good news, but it’s still very elevated and you know, ideally, we would like to see that number come down.