FT. LAUDERDALE, Fla. — Credit cards are so convenient that many Americans say the temptation to use them, even when they know they shouldn’t, is taking a toll on their mental health.
Debt.com surveyed more than 1,000 Americans to find out what role credit cards play in stress, depression, and overall mental well-being today.
More than 21 percent of respondents say they feel stressed following using credit cards, another 20 percent say they feel guilty, and 6 percent say they feel desperate.
More than 30 percent say they avoid looking at their credit card bills because it’s too painful, and nearly 20 percent applied for new credit because they were sad or stressed.
“Credit cards are so convenient that they become a temporary solution to personal problems,” said Howard Dvorkin, president of Debt.com.
“It is no longer necessary to go to a store to buy. You can do it from your phone while you’re in bed, and that combination is dangerous and expensive,” she said.
More than 45 percent admit to having missed a payment on their credit card because they did not dare to check the balance of the statement.
“When you go into debt while feeling down, it never makes you feel better,” observed Don Silvestri, president of Debt.com.
“Not only does it affect mental health, but it can also spread to loved ones,” he added.
The social impact of debt and mental health leaves 20 percent of Americans out of conversations regarding goals and plans, and 10 percent avoid hanging out with family and friends because of debt.
Nearly 6 percent of those surveyed admit to hiding their credit card spending from their partner, and another 5 percent avoid dating due to debt.
Retail therapy, which involves making impulsive purchases to reverse feelings of sadness, was common among respondents.
While this resulted in an average debt of $1,000 or less, figures above that amount were concerning.
About 25 percent had a debt of between 1,000 and 5,000 dollars, for regarding 18 percent the debt was between 5,000 and 15,000 dollars, three percent reported debts of up to 20,000 dollars and another three percent greater to that amount.
Along with mental health, physical health can also deteriorate due to credit card debt.
More than 5 percent of people say they have suffered from loss of sleep, appetite, or low self-esteem due to their credit card bills.
