by Kevin Coupe
It is tough to sell stuff to people who don’t have much money to spend.
The Chicago Tribune reports on a new survey finding that people in their twenties are carrying average debt loads of $45,000, including educational loans, credit cards, car loans and mortgages.
According to the first PNC Financial Independence Survey, “at different stages in their 20s, individuals might owe from $12,000 to $78,000 ... The debt burden could soon get heavier. The interest rate for the U.S. government's subsidized Stafford loan program, which covers more than 7 million students, is scheduled to increase to 6.8 percent from 3.4 percent July 1.”
That’s extraordinary debt with which, in essence, to begin one’s adult life. And it certainly presents enormous challenges to marketers.
It’s an Eye-Opener.
It is tough to sell stuff to people who don’t have much money to spend.
The Chicago Tribune reports on a new survey finding that people in their twenties are carrying average debt loads of $45,000, including educational loans, credit cards, car loans and mortgages.
According to the first PNC Financial Independence Survey, “at different stages in their 20s, individuals might owe from $12,000 to $78,000 ... The debt burden could soon get heavier. The interest rate for the U.S. government's subsidized Stafford loan program, which covers more than 7 million students, is scheduled to increase to 6.8 percent from 3.4 percent July 1.”
That’s extraordinary debt with which, in essence, to begin one’s adult life. And it certainly presents enormous challenges to marketers.
It’s an Eye-Opener.
- KC's View:
