Mortgage is the Ball and Chain to Most American's Wallets

Mortgage woes are dominating more than today’s headlines, as approximately 42 percent of Americans cite their mortgage as the number one debt they would most want to eliminate, according to a recent survey conducted by Harris Interactive on behalf of Dex One Corporation. After mortgage debt, nearly 20 percent of Americans chose credit card debt as the top financial burden to erase. Student loans (eight percent) and automobile loans (eight percent) separately earned nearly one out of 10 Americans’ choice.“Small business owners and retailers nationwide should be encouraged to know Americans are willing to spend if they could reduce some of their major debts,” said Rick Hanna, Dex One Corporation executive vice president of sales and marketing. “Especially interesting was how Americans would spend their extra money. For example, if they no longer had a mortgage payment each month, more than half (54 percent) of U.S. adults would use the money they saved to make home improvements; while a quarter (25 percent) would use the extra money to buy a car.” Dex One commissioned this survey in conjunction with the release of their 2011 directories and their Dex Your Mortgage Away promotion, where they will pay off one Seattle resident’s mortgage—up to $350,000. This survey was conducted by phone within the United States by Harris Interactive on behalf of Dex One Corporation from June 9-June 13, 2011 among 1,163 adults ages 18 and older. Results were weighted to reflect the U.S. adult population.