A Change in Attitude?

One thing that has puzzled those of us who worry about the gargantuan debt load that has built up in the U.S. financial system is the sense that borrowers don't seem too worried about paying it back. Well, while that might have once been true, it looks like that is no longer the case. In "Debt Burden," Credit Slips reports on the release of some interesting data about today's attitudes towards credit.

LendingTree has just released a new debt survey showing that 48% of Americans are worried about their debt loads, and that 20% expect to be stuck with credit card and other non-mortgage debt for the rest of their lives. Lending Tree tries to put a happy face on some of the data (most people "perceive themselves as some day being debt free"), but I didn't feel any better when I read it.

But overall the descriptions are quite reasonable, and LendingTree deserves kudos for their detailed reporting.  They give numerical responses on all their questions, broken out by age.  It is a treasure trove for all the data jocks who frequent this site. 

One last note:  LendingTree refers to the reports as the "inaugual" LendingTree survey, suggeting more to come.  The company is obviously in the financial services business, but I take the presence of a serious survey like this, put out by a for-profit business, to suggest that debt issues are moving into the mainstream.  Once it was Kinsey and sex that fascinated us.  Now, LendingTree and debt?