Consumers will cut debt in 2014 or they won’t

So on Monday (yesterday) I hear Portland economist John Mitchell talk about how Americans cut down, or walked away (sounds to me like turning in the keys) during 2008 to 2010 and have begun spending on cars and other things requiring credit-card debt.

This morning, an email from Credit.com arrives with a heading: “Americans are serious about tackling debt in 2014″

Whether by hook or crook, the 2,223 adults surveyed online, Jan. 1-9, on behalf of Credit.com, said they were ready to do something Congress won’t — cut debt.

The survey shows most Americans with credit card debt believe that getting out of debt is “extremely important” and plan on starting to chip away at it this year. Among the survey’s findings:

  • 45 percent of respondents feel they have too much credit card debt

  • Of those with credit card debt, 51 percent feel it is extremely important that they have a plan in place in 2014 to pay it off, while another 21 percent say it is “somewhat important.”

  • 84 percent of those with credit card debt say it is extremely or somewhat likely that they will start paying it down this year.
Whenever I see the word “feel” in context financial discussions, I get queasy. I’d prefer to think, rather than feel, when it comes to finances. Nonetheless, it will be interesting to see whether Americans really do pay down personal debt in 2014.
+++
So you thought satellite television companies’ biggest spats were over sports programming and local network affiliate signals?
Now comes DirecTV’s clash with the Weather Channel.
A hurricane-force reaction could follow. Or perhaps DirecTV is simply trying to clear space for the new AccuWeather network.

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    Greg Stiles

    Covering the Southern Oregon business and economy since 2001. Read Full
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