FARMINGTON HILLS ? To show you just how tough times are in Michigan these days, a survey shows that 95 percent of respondents could not easily pay an unexpected repair bill of $1,500, while 41 percent reported they have been harassed by debt collectors in the previous 90 days.

“While we were surprised at some of the statistics, they really do reflect the tough economic situations many Americans experienced in 2010 and likely are still experiencing today,” said Jane McNamara, GreenPath president and CEO. GreenPath is a debt management company.

In a survey of 999 Michigan adults:

80 percent of respondents usually feel stressed out about their finances.

26 percent of respondents sometimes pay their housing bills (rent, mortgage, gas, electric) late or skip housing bill payments all together.

15 percent of respondents said they follow a budget and track their spending

“Most respondents clearly don’t have emergency funds for unexpected expenses,” said McNamara. “If possible, we should all try to set aside a ‘rainy day fund’ for emergencies. On the other hand, I was pleasantly surprised that only forty-one percent received a recent collection notice or call. That means fifty-nine percent are seeking assistance before their financial situation becomes a crisis.”

CREDIT CARDS

82 percent of respondents had at least 3 credit cards;

50 percent had 5 or more credit cards;

72 percent pay only the minimum payment amount on their credit cards or don’t make a payment at all, if they can’t afford the minimum;

25 percent pay more than the minimum but less than the full balance;

2 percent of respondents said they pay their credit card statement balance in full each month.

“These numbers suggest that people are finding it necessary to use credit cards to help make ends meet,” said McNamara. “It’s alarming that only two percent pay off their balance in full each month. The other ninety-eight percent must seek assistance or it will be extremely difficult for them to lower their balances.”

INCOME SOURCE

Ninety percent of respondents have income from a source other than unemployment or disability.

“Most people who responded had some source of income,” said McNamara. “This shows that the economic downturn has affected all people, not just those who have lost jobs. We at GreenPath talk to thousands of employed people each day who have real concerns about getting their debt under control.”

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