CINCINNATI, April 8, 2016 /PRNewswire/ -- Struggling with credit card or other forms of debt? You're not alone.
Debt is a buzzword for politicians, a burden for students and a fact of life for 70 percent of Americans. According to a recent survey, one in four adults feel financial hardship as a result of their debt.
Fifth Third Bank (NASDAQ: FITB) commissioned the study to examine the financial beliefs and behaviors of American adults. The survey also revealed how millennials, generation X and baby boomers differ in their debt management.
Credit card debt threatens financial security
According to the study, Americans cite credit card debt more often than any other form of debt. Of those respondents that have debt:
- 62 percent have credit card payments
- 32 percent have car loans
- 29 percent have home loans
- 19 percent have medical bills
- 19 percent have student loans
- 13 percent have personal loans
Debt reflects the priorities of each generation
While credit card payments were the top identified debt across all age groups, the second highest debt for each generation reveals interesting insights into their priorities.
- 39 percent of millennials have student loan debt.
- 37 percent of generation X respondents are paying off car loans.
- 34 percent of baby boomers are still in debt for their mortgage.
"Climbing out of debt can feel overwhelming to even the most disciplined consumer," says Jada Grandy, senior vice president and Community Reinvestment Act strategies director at Fifth Third Bank.
"My best advice is this: set a goal and stick to it," she notes. "Think of your fixed and variable expenses as 'must-have' and 'nice-to-have'. You have to be incredibly disciplined, but you can live a debt-free life."
The Bank has published its Top Ten Steps to Financial Empowerment at www.53.com/life to help Americans become, or remain, debt-free. Fifth Third is committed to financial empowerment and offers its free L.I.F.E. (Lives Improved through Financial Empowerment®) programs to consumers through many ages and stages of life.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $141 billion in assets and operates 1,254 full-service Banking Centers, including 95 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,593 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2015, had $297 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Fifth Third Bank was established in 1858. Member FDIC
Copyright © 2016 Fifth Third Bank, Member FDIC, Equal Housing Lender, All Rights Reserved.
 25.4 percent of survey respondents agree or strongly agree with the statement, "I consider myself in financial hardship from my debt."
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SOURCE Fifth Third Bank