Photo courtesy of the Center for Financial Services Innovation
Happy #FinHealthMatters Day!
Today, April 25th, the Center for Financial Services Innovation (CFSI) celebrates #FinHealthMatters Day. The purpose of the social media event is to bring awareness to consumers’ financial health. The Center performs research and provides financial service providers with tools to find what customers are struggling with in their financial lives.
The following facts are from the CFSI’s most recent U.S. Financial Health Pulse results:
Did you know…?
- 36% of Americans can’t pay all of their bills on time
- 27% of Americans have subprime credit scores
- 40% of Americans do not plan ahead financially
- 30% of Americans report having more debt than they can manage
- 45% of Americans do not have enough savings to cover three months of living expenses
- 47% of American report that their spending meets or exceeds their income
- 26% say that they always exceed their income
- Of respondents who said that spending exceeded their income in the last year, 43% reported using credit to bridge the gap
At Best Company, our purpose is to empower consumers to make the best decisions and connect confidently with companies that deserve their business. When it comes to payday loans, there are lots of lenders that we try to help consumers steer clear of. We recognize that this is an expensive form of credit, but with more than a quarter of Americans in need of sub-prime credit, it can’t be avoided altogether.
That’s why we try to help consumers access only the best payday loans from more reputable companies that help people improve their financial health. For example, several lenders offer more lenient payday loans for people with subpar credit, as well as loans that help people build their credit score.
For #FinHealthMatters Day, join the discussion online, and give yourself a financial health checkup with one of the tools below:
FIST Score: Answer a few simple questions to help gauge your personal financial health. The site offers paid financial planning tools, but the initial scoring is free.
Schwab MoneyWise Fitness Quiz: A short survey shows where you are, compared to people in your age range. It also provides articles and tools to take the next steps toward financial stability, like budgeting, paying off debt, and learning about financial goal setting.
If you already know that you’re in deep, check out the resources below to help guide your path to better financial stability. It isn’t easy, but maybe by next year’s #FinHealthMatters Day, you will have checked off a few steps.
Dave Ramsey Quiz: Answer a quick question about your circumstances and get step by step suggestions from personal finance guru and radio personality Dave Ramsey’s website.
Limeade Financial Checklist: A few steps to help you find room in your budget, from this employee engagement company.
Credit Karma Financial Tools: Tools to help estimate your credit score and make a debt repayment plan.
Related articles and pages:
How to Assess Your Debt in 3 Easy Steps
What You Should Know about Credit by the Time You Turn 25