Bankrate recently released the results of their latest Financial Security Index Survey that revealed 4 in 10 Americans are worried and cite the impact these rates may potentially have on their families. Claes Bell analyzes the results of this survey.
Two of the biggest factors in determining who is worried about this rise in rates is age and economic standing. Americans between 30-49 are the group most likely to worry at 44%, which does not surprise Comerica Bank Chief Economist Robert A. Dye:
Older retirees may not have a house payment anymore, and are certainly not contemplating a new house, and they probably have a good handle on their debts," says Dye, "and they're just not leveraged that much compared to young families who are buying that 1st home and expanding to 2 cars and having to buy all that stuff that comes with babies."