11 percent of Americans are in Financial Trouble: Study
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Eleven percent of Americans in Financial Trouble for the First Time

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Eleven percent of Americans in financial trouble for the first time

The financial and consulting firm Deloitte has recently revealed the results of a survey the company conducted, which shows that 11 percent of Americans with bank accounts can be classified as 'first-time defaulters'. These consumers have experienced financial difficulties like delinquency, foreclosure or bankruptcy for the first time recently.

In total, 22 percent of Americans experienced some 'negative credit experience', which includes events ranging in severity from delinquency to bankruptcy. Half of these people had never experienced such an event before, according to a recent release. Medical bills, credit card bills, mortgages and taxes were reportedly among the expenses the respondents had the most difficulty with.

Among the reasons given by survey respondents for their new-found financial woes, unemployment and reduced income were the most common.

The Labor Department recently released data indicating that the nationwide unemployment rate had risen to 9.8 percent in November, an increase from October's 9.6 percent rate.


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