Over a thousand people in the United States participated in a recent survey conducted by Debt.com to determine the impact that credit cards have on levels of stress, depression, and general mental wellbeing. Howard Dvorkin, CPA and chairman of Debt.com said: After using credit cards, more than 21% of respondents report feeling worried, 20% report feeling guilty, and 6% report feeling despondent. Further, over 30% of those surveyed said that they avoid looking at their credit card bills because it is too unpleasant, and over 20% have applied for new credit because they were unhappy or stressed out.
Nearly half missed a credit card payment out of fear
Almost half of those polled admitted to missing a payment on a credit card because they couldn’t bear to see the account balance. Due to the negative effects of debt and mental health on society, 20% of Americans do not participate in discussions about their long-term objectives and ambitions, and 10% of people avoid spending time with their families and friends because of their financial predicament. A little under 6% of respondents said that they kept their credit card spending a secret from their significant other, and another 4% said that they did not date because of their debt. Respondents often engaged in retail therapy, also known as impulsive shopping, in an effort to alleviate emotions of melancholy. Finally, credit card debt may have adverse effects not just on a person’s emotional health but also on their physical health. Over 5% of persons surveyed said that the stress brought on by their credit card debt caused them to either lose sleep, their appetite, or their sense of self-worth.
