Looks like, “My dog ate my finances,” doesn’t fly for most consumers.
According to a December poll by the National Foundation for Credit Counseling, 63% of consumers admitted that their money problems were their own fault.
The poll asked consumers to respond to the prompt:
The majority of my financial problems have been …
A. Self-inflicted (ex: overspending, financially unorganized, etc.) 63%
B. Caused by events beyond my control (ex: job loss, medical, etc.) 37%
It’s a good sign that so many consumers say their financial troubles could have been prevented had they been more organized—by being aware of how their own actions can prevent or cause money problems, they can take the first step to financial security.
We do have sympathy for the other 37% that have had an unlucky streak. Medical expenses are a leading cause of credit card debt in the United States. On the other hand, while sustained unemployment can wreck anyone’s finances, the possibility of job loss is exactly why we recommend having a robust emergency fund so that this external event doesn’t ruin your finances.
Take the Next Step
If you’re one of those consumers who would admit your financial problems are the result of being disorganized or overspending, we have lots of resources for you: