What we would do to dump debt forever

The most uncertain respondents (384) shared some of the reasons, including the rising cost of living (54%), unexpected expenses (46%), rising interest rates (29%), not having enough support from others (20%) and feeling the need to spend to keep up with others (16%).

People’s biggest debt hurdles include credit card debt (57%), mortgages (30%), automobile loans (30%) and medical debt (28%).

Conducted by OnePoll on behalf of Beyond Finance for National Financial Freedom Day, the survey also found the average person has $54,767 worth of debt, with 56% saying they owe more for necessities than for nice-to-haves.

For some, their debt has stood in the way of making significant life changes, such as buying a home (33%), a car (30%) and setting up their child’s savings (24%).

What would people do if they woke up debt-free? Thirty-two percent would add money to their emergency fund, while 27% would purchase their dream home and 26% would take a long-awaited vacation. Others would “pursue a different career,” “start my own business,” finance their children’s education, and “help my parents with their debts.”

“Debt can sometimes deter people’s short- and long-term goals for themselves and their families,” said a spokesperson for Beyond Finance. “Learning to manage it effectively can be life-changing, but 49% admit to feeling anxious about their debt, which may make it challenging to focus on finding solutions.”

What can make debt stressful for many? Interest rates (24%), the inability to pay it off (22%), and seeing how much they owe increase (20%). But not all debt is created equal, as nearly half (48%) said some of the debt they had taken on was worth it. That includes a mortgage (38%), car loan (33%) and home improvement or repairs (28%).

People are also seeking support to manage their debt, with about a third (31%) crediting their family as being the most helpful resource. However, only 29% are “very confident” in their ability to pay off their current debts on time – including fewer women than men (19% vs. 41%).

And four in 10 (41%) said it will take them years to be debt-free.

“Choose a debt resolution program that’s personalized to your needs and helps you keep track of your progress. Seeing your debt gradually diminish is a great way to stay motivated on the path to becoming debt-free,” the spokesperson added.

What would people do to be debt-free?

• Give up social media for a year — 32%
• Spend a night on a remote island — 31%
• Give up internet access for a month — 29%
• Go skydiving — 20%
• Eat something gross — 19%
• Go storm-chasing during tornado season — 18%
• Get tackled by a linebacker — 14%
• Go base jumping — 12%
• Swim with sharks — 12%
• Complete a triathlon — 11%
• Run with the bulls — 11%