We Write for The Financial Brand on Debt

Recently, The Financial Brand published our article “The Top 5 Impacts of Debt and What Financial Institutions Should Do About It,” by Logica CEO & Founder Lilah Raynor. The article highlights the increasing burden of personal debt on Americans, sharing findings from a recent special report on debt in the Logica Future of Money Study.

Current economic conditions have impacted debt in America. The article discusses the impact of debt on short-term and long-term financial well-being, and shares how our study found many struggling to meet daily expenses and achieve financial goals. 

The top five impacts of debt from our study that LIlah shares in the article are:

1. Living paycheck-to-paycheck: More than half of Americans (57%) struggle to save due to debt.
2. Delayed vacations: Thirty-five percent (35%) postpone or cancel vacations due to debt.
3. Unable to save for large purchases: Thirty-two percent (32%) find it challenging to save for significant expenses like a car or emergencies.
4. Cannot contribute to retirement: Thirty-two percent (32%) cannot save for retirement due to debt and inflation, particularly prevalent among Gen X (39%).
5. Unable to start or continue investing: Twenty-six percent (26%) are unable to continue or start investing due to debt.

In “The Top 5 Impacts of Debt and What Financial Institutions Should Do About It,” Lilah reveals that most generations are taking on more debt, particularly Gen X and Millennials. Credit card debt is prevalent, with some Americans managing debt by using credit cards, buy-now-pay-later options, and personal loans. 

Financial institutions can help by offering competitive interest rates, refinancing options, and user-friendly digital tools. The article emphasizes how understanding customer needs and leveraging innovative approaches are essential in navigating the complex landscape of financial decision-making.

To learn more about our special report on debt, reach The Financial Brand article or reach out to us directly.