Debt.com's latest research shows how many
of them feel worse about it now than last year.
FORT
LAUDERDALE, Fla., May 1, 2024
/PRNewswire/ -- In honor of Financial Literacy Month, Debt.com
conducted a survey of 1,000 Americans to uncover their biggest
money regrets. The results were eye-opening.
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 Don
Silvestri. "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 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 card debt.
- One in 5 of Gen Z regret taking on too much in student loan
debt and 11% of Millennials say the same. 6% of Gen X and
only 2% of Baby Boomers have the same regret.
While Gen X has less regret than the younger generations about
taking on student loan debt, they have more of it:
- 35% of Gen X say they took out $200,000 or more in student loans.
- 30% say they took out between $100,000 to $200,000.
- More than 30% say they still owe $200,000 or more.
- 61% have been paying that debt for 7 to 10 years.
- 17% report they have been paying it off for between 11 to 15
years.
More than 1 in 3 (38%) of Baby Boomers regret not saving for
retirement sooner while 25% report having nothing saved for
retirement.
"If there's any good news here, it's this: Regrets aren't
results," Silvestri says. "Whether it's saving for retirement or
paying down credit cards, there are professionals who can help you
–starting just with a phone call. Debt.com can introduce you to
certified credit counselors who will give you a free debt analysis.
Once you have a clear view of your finances, you can turn those
regrets into relief."
About Debt.com: Debt.com is a consumer website where people
can find help with credit card debt, student loan debt, tax debt,
credit repair, bankruptcy, and more. Debt.com works with vetted and
certified providers that give the best advice and solutions for
consumers "when life happens."
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SOURCE Debt.com