People have been making New Year’s Resolutions since ancient times to do good things, including paying their debts. Here’s a few interesting facts.
How Long Does the Average Person Keep Their New Year’s Resolutions?
Surprisingly (or maybe not), according to a study by the University of Scranton, 75% of resolutions will be continued through the entire first week of January, but only 46% make it past six months. In addition, 39% of people in their twenties will achieve their resolution each year while only 14% of people over 50 years of age will achieve theirs.
Why Do People Make New Year’s Resolutions?
A New Year’s Resolution is a decision to do or not do something to accomplish a personal goal or break a habit. It comes at a time when people look back at the past year and make an effort to improve themselves as the new year begins. Adults typically make “vanity” New Year’s Resolutions, such as losing weight or exercising more. Others desire to put their financial house in order.
That’s why now’s the time to develop a plan to lose that debt. SettleiTsoft®, the free intuitive online debt negotiation software, can help make this New Year’s Resolution one you will be able to keep.
According to the Federal Reserve, over the last 7 years nearly 48 million consumers were responsible for $327 billion in unsecured credit card debt falling into collection activities. So, you are definitely not alone.
And then there’s Student Loans
More than a Trillion Dollars is out there with hundreds of billions in default. And, as these numbers reported by The Detroit Free Press show, it’s not getting any better: 1.3 million federal student loan borrowers were 31 days to 90 days late on their payments in the fourth quarter of 2016. Those borrowers owe $32.2 billion dollars and represent the biggest chunk of those who are delinquent on their payments. About 880,000 borrowers, who owe $20.3 billion, are 91 days to 180 days late on their payments. Another 490,000 — owing $10.5 billion — are 181 days to 270 days behind on their payments, while 350,000 — who owe $7.3 billion — are 271 days to 360 days delinquent.
In total, $70.3 billion of the federal government’s direct student loan portfolio is between 31 days and 360 days delinquent. That’s about 15% of the $477 billion in repayment in 2016.
Keep in mind, no matter when the Student Loan was granted – and if you’re still living – the government will continue to seek repayment; including deductions from your Social Security benefits.
So, make that New Year’s Resolution now and help preserve your future.