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About Cottage Grove sentinel. (Cottage Grove, Or.) 1909-current | View Entire Issue (Jan. 16, 2020)
6B COTTAGE GROVE SENTINEL ❚ THURSDAY, JANUARY 16, 2020 PUBLIC NOTICES PUBLIC NOTICES PUBLIC NOTICES PUBLIC NOTICES PUBLIC NOTICES PUBLIC NOTICES New Survey Shows How Debt Impacts Financial Habits (NAPS)—At a time when Ameri- cans hold a record $14 trillion of debt, including mortgages, credit card and student loan debt, according to the New York Federal Reserve, Americans may still be doing better than they realize when it comes to debt. A new survey from New York Life Insurance Company suggests that although debt is growing, the challenge of paying it off is not insurmountable. In fact, slightly more than a third of respon- dents (35 percent) say they’ve never had more than $5,000 in debt. Moreover, nearly two-thirds (62 percent) of Mil- lennials say they’ve never had more than $10k in debt, and a majority of respon- dents overall have either paid off all or more than half of their debt (35 percent and 27 percent, respectively). Among those who have the highest amounts of debt—$75k or more—over half (55 per- cent) have paid off all or more than half. “Debt can be an enormous stressor for the household, with many Ameri- cans feeling like any amount of debt is a roadblock to achieving all other finan- cial milestones,” says Brian Madgett, Head of Consumer Education at New York Life. “However, this data paints a more optimistic picture and suggests that those struggling with debt today can overcome it by following some key steps.” Paying debt requires discipline—A habit that has extended to other money matters Managing debt effectively requires attention to detail and thoughtful plan- ning. Given that a significant number of respondents have paid off all or some of their debt, the data suggests Americans are strengthening their financial mus- cles through a variety of good habits. For example, 37 percent of respondents say following a personal budget was most important to them when their debt was at its highest level. Almost half (46 percent) say they would con- tribute to a long-term savings/emer- gency fund if they had no debt at all. Of those who have had the greatest debt burdens ($75k or more) and have completely paid it off, 46 percent follow a personal financial budget and 32 per- cent are contributing to a retirement fund—figures that are higher than the Bed Liners & More Repair No Monkey Business! Paying debt requires discipline— a habit that can extend to other money matters. Bedliners • Truck Accessories habits reported by the general survey population. Help wanted Getting out of debt is challenging, and according to the survey data, many adults are “going it alone.” More than one third (35 percent) say they did not have help paying down their debt when it was at its highest level. When break- ing down the data according to various debt levels, this lack of support becomes even more evident, with at least 42 per- cent of people with $5,000—75,000 in debt saying they didn’t have any help. Only about one in four respondents (23 percent) say they either currently or previously worked with a financial professional, and another one in five respondents (21 percent) say that they have not but would like to do so. These findings suggest respondents may not fully realize the accessibility or useful- ness of a professional as a resource to help get their money habits on track. The top choices among respondents who said they have not worked with a financial professional, but would like to in the future, indicated they would work with a professional when they have more money saved (34%), they are making more money (32%) or they find a financial professional they trust (27%). “It’s a savvy move to ask for help when it comes to money, whether you’re looking to get out of a rut or start accu- mulating wealth,” notes Madgett. “There are many resources right in your com- munity that can offer the affordable advice and human guidance you need to achieve your financial goals. “ To learn more about the survey or connect with a financial professional, visit NewYorkLife.com. 541-463-7939 LINE-X OF LANE COUNTY, INC. 745 RIVER AVE., UNIT E., EUGENE, OR 97404 • TRUCKGEAR.COM Dealers ive lties t o m o Aut pecia S Transmission Service & Repair Automotive Repairs • Maintenance Services Ã+Z\6 Tires Gill'S GMC • Chevrolet • Chevy Trucks SALES & SERVICES 2775 Row River Rd 942-4415 TIRE & AUTO SERVICE Mon-Fri: 8am-6pm Sat: 8am-2pm | Sun: Closed 302 Hwy 99 S. • 946-3943 Repair MARVIN SMITH AUTO REPAIR INC • Computerized Diagnostics • Fuel injected Vehicles • Tune-Ups • Suspension • Brakes • Air Conditioning 109 Hwy. 99 S., Cottage Grove 942-4466 518 Hwy. 99 S. • 942-7112 GALLERY OF SERVICES ABATEMENT HEATING & A/C Free Estimates Residential & Commercial NO JOB IS TOO SMALL CALL OR EMAIL FOR A FREE ESTIMATE JONNY PERREIRA 541-900-0325 CELL 541-649-1486 OFFICE ROWRIVERCONSTRUCTION@GMAIL.COM ELECTRICAL AUTOMOTIVE South Valley Electric JAMES GREEN ELECTRICAL CONTRACTOR LICENSED, BONDED INSURED LLC SERVING THE COTTAGE GROVE AREA RESIDENTIAL & COMMERCIAL j.green@southvalleyelect.com • 541.942.9912 541-942-8577 INSURANCE Shelly D Insurance, Inc. 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