Survey shows Americans more stressed about credit cards than a year ago

Debt.com surveyed 1,000 Americans about how credit card spending affects them psychologically and found that more people than last year are feeling the emotional weight of their credit card debt.

“There has been a sharp year-over-year increase in the number of Americans feeling stressed and embarrassed by their credit card debt,” the Debt.com report says. “The latest Mental Health and Money survey revealed a 13% increase when asked ‘how do you feel after using your credit card(s)?’”

That stress is causing arguments for many in relationships. When asked how credit card debt affects them socially, 11% responded “my partner and I argue about my credit card spending,” an increase of 8% from the same question last year.

According to the survey results:

· 4% more admit that their credit card bills make them feel stressed this year (43%) compared to last year (39%).

· More than 37% avoid looking at their credit card bills because it is too painful, up 5% from last year.

· 7% more say they applied for new credit cards because they felt sad or stressed this year (26%) than last year (19%).

· More than 3 in 10 feel stressed after using their credit cards.

· More than 4 in 10 say stress continues while reviewing their credit card bill.

More respondents than last year say that “the convenience of spending with a credit card negatively affects their mental health.”

· Stress over credit card debt carries over into the relationships of many respondents, for example:
– My partner and I argued about my credit card expenses, 11.28%
– I avoid dating, 4.74%
– I hide my credit card expenses from my partner, 11.28%
– I avoid going out with friends or family, 9.57%
– I avoid talking about money or my future plans (buying a house, starting a family, moving, etc.), 11.47%
– My credit card debt does not affect my social life, 51.66%

To consult the complete survey and its methodology, go here.

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