Home » Americans’ Financial Regrets Revealed: Debt.com Survey Highlights Credit Card Overspending as Top Concern | Noticias Newswire

Americans’ Financial Regrets Revealed: Debt.com Survey Highlights Credit Card Overspending as Top Concern | Noticias Newswire

by UNN Feed

FORT LAUDERDALE, FL, May 3, 2024 / Noticias Newswire / – Debt.com, a leading financial resource, unveils startling insights from its recent survey of 1,000 Americans, shedding light on prevalent financial regrets during Financial Literacy Month.

According to the survey findings, a staggering 78% of respondents admitted to harboring financial regrets, with overspending on credit cards emerging as the primary remorse for one in five individuals.

“It’s unsurprising that credit card debt is a mounting concern. With over 1 billion credit cards in circulation in the United States for a population of 333 million, the escalation of credit card balances directly correlates with increased financial stress.”

The extent of credit card debt among respondents is equally concerning. More than a quarter (26%) reported carrying a balance ranging from $15,000 to $30,000, while 15% acknowledged owing between $30,000 and $50,000.

Nearly half of respondents admit that their credit card debt is a constant source of worry and say their credit card debt is “always on their mind.” What’s more, the passage of time seems to amplify this remorse. Over a third (35%) confessed to feeling even worse about their credit card debt now than they did just a year ago.

The survey findings underscore the impact of financial decisions and highlight the importance of financial literacy to empower people and avoid similar regrets in the future.

The research also found:

  • 26% of Millennials say they regret accumulating debt on their credit cards.
  • Not far behind are Gen X and Gen Z with 19% citing the same regret of credit card debt.
  • Gen X is most likely to “accept” and “ignore” their credit card debt.
    • When asked “how does your credit card debt make you feel?” 67% agreed and strongly agreed with “acceptance.” Roughly 3 in 5 Gen X chose the response “I ignore it.”
  • 24% of Baby Boomers report having $30,000 to $50,000 in credit…

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