While people often find themselves in difficult financial situations through no fault of their own, a majority of Americans say the scraps they get involved with are predominantly caused by their own mistakes in judgment.
According to a new poll conducted by the National Foundation for Credit Counseling, nearly two-thirds of those surveyed said that their financial hardships were primarily self-inflicted rather than situations that would have happened one way or the other.
Gail Cunningham, NFCC spokesperson, noted that this is reassuring, as people need to own up to their failings if they want to improve themselves.
"The poll results are encouraging, as the first step to correcting a problem is recognizing it," said Cunningham. "Taking ownership of financial problems empowers consumers, putting them in the driver's seat to affect change."
She added that the results from the survey also suggest that more consumers need to brush themselves up on some basic financial maintenance tips, such as committing themselves to saving as often as possible, organizing their personal papers that deal with accounts and bill statements, paying expenses off before due dates to avoid incurring late fees and creating a realistic spending plan.
She also talked about issues for insurance agents to keep in mind, suggesting that consumers turn to them for advice on the type of coverage they should buy or if a policy needs to be updated - what she referred to as an "annual insurance check-up."
Agents should strive to help their insurance customers obtain the best policy, keeping in mind that their personal finances may be such that they are limited with spending. According to new research from the Personal Finance Employee Education Foundation, one-third of Americans may be severely in debt.