Debt Keeps 7 in 10 U.S. Adults From Building Wealth, Survey Finds — Experts Outline 5 Debt-Relief Strategies

Mounting debt is preventing most Americans from saving or accumulating wealth, according to new survey data. About 71% of U.S. adults say monthly debt payments hinder their ability to build wealth or savings, the National Foundation for Credit Counseling (NFCC) reported in a survey conducted by Harris Poll this spring among 2,010 adults. The findings highlight the ongoing financial strain facing many households as debt levels continue to climb nationwide.

Federal Reserve Bank of New York data show that total credit card balances reached $1.21 trillion in the second quarter of 2025, up 2.3% from the previous quarter and matching last year’s record high. “It’s a reality of where we are,” said Rod Griffin, senior director of consumer education at Experian. “Some of it is a lack of knowledge and understanding of how credit works. Some of it is, in some cases, just our desire to have stuff, and some of it is the reality of the financial world we’re living in right now.”

A separate CFP Board survey from October 2024 found that while reducing debt is a top financial goal for many, few Americans have pursued available relief options such as debt consolidation.

Woman counting money | Source: Pexels

Experts outlined five key steps to evaluate and manage debt: