Nearly half (49%) of those carrying student debt are extremely concerned about their ability to balance their personal budgets now that the COVID-era forbearance period is ending. Approximately 70% of those with debt say they, or people in their household, have not been making payments during this period, according to a survey conducted in September 2023 by 84.51.
The top five categories where these consumers plan to cut back are:
- Dining out/takeout (58%);
- Outside-of-home entertainment (49%);
- Food delivery services (44%);
- Travel (42%); and
- Beauty services/clothing (37%).