CHARLOTTE, N.C.—A new report indicates that many Americans don’t have a plan to pay off their debt.
In June, cumulative U.S. household debt reached $12.84 trillion, a $114-billion increase from the first quarter, according to LendingTree.
Four in five Americans are in the red, according to the report, CNBC stated in its analysis.
“More than a quarter of those with debt don't have a plan to pay it off. Lack of planning can lead to plenty of financial struggles, from late payments and credit problems to extra months (even years) in debt,” CNBC said.
Nearly one in five Millennials has had to ask for money from a friend or relative versus 16% of Gen Xers and 9% of Baby Boomers, CNBC explained.