SILVER SPRING, Md. -
Since its launch in October 2007, more than 4,000 consumers have taken the test, the NFCC said. Analysis of the most recent 30-day snapshot reveals consumers are experiencing an increased financial stress related to foreclosure in every category.
The most disturbing trend, the NFCC noted, was in the increase of the number of homeowners slotted into the “red” category, distinguishing them as those who most need immediate assistance to save their home. This category grew 12% in one month, reflecting that 83% of those taking the test fell into this most at-risk group. The NFCC further noted the following trends:
* 78% of respondents said they had trouble sleeping because of worry about their current financial situation, the possibility of losing their home or car, or their ability to use credit, an increase of 16% over previous findings.
* 69% of consumers said they do not believe refinancing their home will resolve their financial dilemma, an increase of 8%.
* More than half of respondents (59%) owe more on their home than it is worth, up by 11%.
* The number of people who had skipped paying some bills in order to pay others grew by 10%.
* The trend toward attempting to obtain new credit lines, but being denied additional credit, grew by 8%, with exactly half of those taking the quiz indicating this has happened to them–a potential indicator that bankruptcies could soon be on the rise, NFCC said.
For info: www.nfcc.org.
