Debt.com conducted a survey of more than 1,000 Americans to see what role credit cards play in the current stress, depression and general 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”, says the study.
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 nearly 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 faced one economic crisis after another, and their financial immune system has been so weakened that are using credit cards as a temporary remedysaid Howard Dvorkin, CPA and president of Debt.com.
People are also using credit cards to mask social problems. a little more than 11% of respondents say they hide credit card expenses from their partner. Another 4% avoid dating entirely due to debt.
The survey shows that:
· He 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 notes that the easiest way to restore mental health is to eliminating your credit card debt, and that it’s a relatively easy thing to doTherefore, he recommends carrying out a free debt analysis with a certified adviser.
For more details of the study, enter here.
Keep reading:
Reveal the key to a debt-free life
· Survey reveals that Americans have little confidence to manage their finances
About half of American workers experience financial stress, survey reveals
2023-05-17 15:51:51
#Survey #Shows #Credit #Cards #Harm #Mental #Health
