Disclaimer: This Inside South Florida segment is sponsored by Discover. All opinions and views are of the advertiser and does not reflect the same of WSFL-TV.
Financial anxiety remains a significant issue among Americans, with a recent survey by Discover Personal Loans revealing that 80% of respondents report feeling some level of financial stress. This is the third consecutive year that the survey results have shown such high levels of concern, primarily driven by inflation and the high costs of everyday expenses.
Dan Nickele, Vice President of Discover Personal Loans, discussed these findings on Inside South Florida. "What I found the most surprising is how consistent the results were year over year," he said. "At the top of the list of factors driving that anxiety are high rates of inflation and high costs of everyday expenses."
One-third of Americans surveyed believe they will never get out of debt, a misconception Dan addressed. "[Many people can improve their financial situation] with a combination of budgeting and proactive steps to reduce the interest rates on existing debt," he explained.
Dan emphasized the importance of a clear financial strategy for those experiencing financial stress. He advised starting with a detailed budget to understand income and expenses fully. "Once you have that picture, evaluate each expense to find opportunities to cut, either by eliminating the category, negotiating costs, or cutting back if it's discretionary," he suggested.
For those dealing with unplanned expenses, Dan recommended considering personal loans, which provide a lump sum repaid in equal monthly installments, typically with a fixed interest rate. He highlighted the importance of selecting a lender that does not charge origination fees, noting that Discover Personal Loans offers such products.
To assist those looking to manage their debt, Discover Personal Loans provides resources on their website, discoverpersonalloans.com. Visitors can check their eligibility for loan products and see their rate without impacting their credit score. The website also offers various resources to help consumers make informed financial decisions.
Dan concluded by encouraging those feeling financial anxiety to take proactive steps toward managing their finances. "Take a deep breath, pull out those statements, and start with a budget."
For more information, visit discoverpersonalloans.com.
