PRESS RELEASE
By: News Direct
October 8, 2024
Rising Credit Card Debt Fuels Unprecedented Stress Levels, Aggravating Mental Health Issues
Over the past three years, an increasing number of Americans report heightened stress linked to credit card usage, leading to deeper debt and worsening mental health.
In observance of Mental Health Awareness Month, Debt.com conducts an annual survey each May to examine the intersection of mental health and financial stress.
The findings underscore a clear correlation: more debt results in more stress.
“It’s the dictionary definition of a vicious cycle,” says Debt.com chairman and CPA Howard Dvorkin. “You fall behind on your bills, so you distract yourself with dinner out or some shopping therapy. Of course, that adds to your debt, which adds to your stress, which depletes your mental health. And our research shows it’s getting worse every year.”
CPA and chairman of Debt.com
In 2022, 1 in 5 survey respondents reported feeling stressed after using their credit cards. The 2024 survey reveals there has been a 17% increase over the past three years, raising that number to 4 in 10. Gen Z is most likely (47%) to feel stressed after using credit cards.
Nearly half (47%) say they take on more debt when they are feeling stressed. Debt.com’s research shows a breakdown of those taking on more debt when they are feeling stressed:
67% of Gen X take on more debt when stressed
40% of Millennials take on more debt when stressed
37% of Gen Z take on more debt when stressed
Over half (51%) feel stressed when reviewing their credit card bills, while:
10% feel hopeless
8% feel sad
4% experience a loss of sleep
3% experience a loss of appetite
3% experience lower self-esteem
The research also shows that 26% say they argue with their significant other over credit card spending:
45% are Gen X
16% are Millennials
16% are Gen Z
7% are Baby Boomers
The convenience of credit cards can negatively impact mental health, according to 76% of survey respondents. More than 1 in 4 have accrued at least $10,000 in credit card debt because they were feeling down or stressed out.
Further, the research shows that the Middle Atlantic region of the country is feeling the most (31%) stress and mental strain from credit card debt.
“The generational and regional data remind us of something important,” Dvorkin says. “Debt isn’t equally distributed in this country – but the stress is. So, it doesn’t matter if you’re a 25-year-old struggling with student loans or a 50-year-old who’s fallen behind on their credit cards. Those individuals might have nothing else in common – except for how terrible they’re feeling about their finances.”
CPA and chairman of Debt.com
Debt.com is a resource that offers consumers education, self-help guides, professional solutions, and more. On Debt.com, consumers can find expert money advice–how to make it, how to save it, and how to spend it. They also assist consumers by matching them with the perfect debt-solution company for their situation and making sure they are happy with the results. Debt.com has been featured in the Washington Post, Yahoo! Finance, Forbes, and more, making them a pillar of the debt relief industry.
Contact DetailsDebt.com
Jill Randolph
Company WebsiteView source version on newsdirect.com: https://newsdirect.com/news/rising-credit-card-debt-fuels-unprecedented-stress-levels-aggravating-mental-health-issues-272658105
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