Encore Capital Group® Announces Findings of its Third Economic Freedom Study

Core Insights - The Economic Freedom Study conducted by Encore Capital Group reveals a more optimistic outlook on personal finances among U.S. and U.K. adults compared to their national economies [1][2][3] - The study highlights the financial stressors faced by consumers and their attitudes towards debt collection, credit score awareness, and financial literacy [2][3] Group 1: Consumer Sentiment - A significant portion of U.S. adults (49%) have a negative outlook on the national economy, while a larger percentage of U.K. adults (67%) feel similarly [5] - "Being debt-free" is identified as the most important aspect of economic freedom by 27% of adults in both countries [5] - The survey indicates that U.S. adults are more aware of their credit scores (83%) compared to U.K. adults (51%) [5] Group 2: Financial Challenges and Solutions - Approximately 29% of U.S. adults and 19% of U.K. adults report having past-due debt, with younger and low-income adults being particularly affected [5] - The study shows an increase in the number of adults seeking help to repay past-due debt compared to the previous year [5] - About 24% of adults in both countries believe that receiving a discount on debt owed would be the most helpful in resolving their debt [4] Group 3: Company Approach and Initiatives - Encore Capital Group emphasizes its commitment to understanding consumer needs and providing tailored solutions to help them manage past-due debt [3][4] - The company has a Consumer Bill of Rights that outlines its commitment to suspend collection activities for consumers facing significant financial hardship [5] - Encore's Sensitive Support Team in the U.K. is dedicated to assisting consumers dealing with mental or physical health issues that impact their financial situation [6]