Most Americans Regret Their Credit Card Debt, According to New Survey

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Debt.com’s latest research shows how many Americans feel worse about their financial regrets now than last year.

A survey found that 78% admitted to having financial regrets with 1 in 5 saying excessive credit card use as their most remorseful decision. Topping the list of regrets was overspending on credit cards, which was cited by a significant portion of respondents. In fact, 78% of those surveyed admitted to having financial regrets, with one in five pointing to excessive credit card usage as their most remorseful financial decision. “It’s no surprise that credit card debt is a growing regret,” says Debt.com president. “The United States has 1 billion credit cards in circulation – and only 333 million people. As long as credit card balances keep rising, so will the stress that comes with it.”

The extent of financial stress 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 stress and highlight the importance of financial literacy to empower people and avoid similar regrets in the future.

Debt.com surveyed more than 1,000 Americans on their biggest money regrets. Roughly 78% have a financial regret, with 1 in 5 saying it’s “charging up too much credit card debt.” 26% have $15,000 to $30,000 in credit card debt – and 15% say they owe $30,000 to $50,000. The regret haunts many on a regular basis. Nearly half (49%) say their credit card debt regret is “always on their mind.”

SOURCE Debt.com

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