Accumulated Credit Card Debt in America Exceeds $1.18 Trillion - Hidden Truth Revealed According to Report
Get the Skinny on the Crisis: Americans Buried in a Mountain of Credit Card Debt
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Americans are sitting on a staggering $1.18 trillion in credit card debt, and a significant portion of them are hiding this debt from friends and family, as revealed in a new report. Nearly four in ten Americans with credit card debt have lied about it, with wealthier individuals more likely to be dishonest, according to LendingTree's latest study.
"We surveyed over 900 people with credit card debt and found that many feel ashamed about it. Many have chosen to keep quiet about what they owe, while others take it a step further, lying to those closest to them about what they're going through."
Credit card balances have ballooned since 2021 when they reached a low of $770 billion, partly thanks to pandemic-era checks from the government. In just a few years, things have taken a turn for the worse.
- Almost 40% of Americans with credit card debt have lied about it, usually to their spouse, partner, parents, or siblings.
- Over 49% feel ashamed about their level of credit card debt and either downplay or hide the burden.
- 46% of Americans now hold at least some credit card debt, and half of Americans making at least six figures have it.
- 35% of women with credit card debt will admit it, compared to 21% for men, and baby boomers are more than twice as likely as younger generations to tell the truth.
LendingTree reports that a majority of Americans believe they have a handle on their credit card debt, regardless of whether they're comfortable talking about it with loved ones.
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Sources:
- Study Finds Americans Struggling with Credit Card Debt
- Credit Card Debt Reaches All-Time High
- The Reality of Credit Card Debt
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- Amidst surging credit card debt in America, a significant portion of individuals are hiding their debt from loved ones, according to a report by LendingTree.
- The blockchain-based field of personal finance and debt management has seen investments from public companies worth $76 billion in cryptocurrency treasuries, as per DWF Ventures' recent report.
