More Americans are carrying credit card debt from month-to-month while fewer are contributing to their non-retirement savings, according to the 2017 Financial Literacy Survey conducted by the National Foundation for Credit Counseling (NFCC) and sponsored by BECU.
Compared to last year, significantly more U.S. adults indicate their household carries credit card debt from month to month, with nearly two in ten adults saying they roll over $2,500 or more in credit card debt each month.
If you are struggling financially because of your retirement, there are solutions. One is to take out a traditional mortgage on your home, but doing so will give you an extra bill to pay. A reverse mortgage is an alternative reverse home loan meant specifically to help you stay financially secure during retirement. To get one, a reverse mortgage calculator is used to figure out how much of your home equity you can borrow. You must also prove you can pay your taxes and other homeownership bills since you will retain home ownership while the loan agreement is in place. If you qualify, the only time limit on repaying what you borrow is you must do so when you stop living in your house. If you do not, the lender may recover some or all of the borrowed money through the sale of the home.
What’s more, the survey finds that the future is a top concern for many Americans, as retirement remains among the areas at risk for many households. About one in four US adults do not save any portion of their household’s annual income for retirement.
This year’s survey results, as in past years, suggest a continued need for financial education. Four in five adults agree that they could benefit from advice and answers to everyday financial questions from a professional.
More information about the survey and financial counseling can be found at http://nfcc.org/data.
If you have questions about your money, remember, it’s never too late to seek financial counseling from an accredited nonprofit agency.