Debt.com conducted a survey of more than 1,000 Americans to see what role credit cards play in today’s stress, depression and overall mental well-being.
“Credit cards are so convenient that many Americans say the temptation to use them, even when they know better, is taking a toll on their mental health,” the study says.
The results Debt.com found were worse than last year:
· In 2022, more than 21% of respondents admitted to feeling “stressed out” after using credit cards. This year, that jumped to almost 34%.
· In 2022, just looking at their credit card statements stressed 39%. This year it rose to 43%.
· Last year, just over 3% admitted: “My partner and I argued about my credit card charges.” This year, it rose to more than 11%.
· Overall, 74% of those surveyed last year agreed that “the convenience of credit cards can have a negative impact on mental health”. This year it went up to 78%.
“Americans have been faced with one economic crisis after another, and their financial immune system has been so weakened that they are turning to credit cards as a temporary fix,” said Howard Dvorkin, CPA and president of Debt.com.
People are also using credit cards to mask social problems. Just over 11% of respondents say they hide credit card charges from their partner. Another 4% avoid dating entirely due to debt.
The survey shows that:
· 16% incurred debts of more than $1,000 and up to $5,000
Almost 15% had debts of more than $5,000 up to $15,000
2% had debts of more than $15,000 up to $20,000
· Almost 3% incurred debts of more than $20,000
The DEbt.com report points out that the easiest way to restore mental health is to eliminate your credit card debt, and that it is relatively easy to do, so it recommends a free debt analysis with a counselor. certificate.
For more details about the study, click here.
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