Americans are drowning in credit card debt, with the total now hitting a massive $1.18 trillion. A new report reveals a shocking side effect: many are keeping their financial struggles a secret.
The Debt Deception
A significant portion of the population – nearly 40% – is lying to their loved ones about their credit card debt. This is according to a recent survey of over 900 people with credit card debt. Wealthier individuals are even more likely to hide the truth, feeling ashamed of their financial situation. Many simply downplay their debt, while others actively lie to spouses, partners, parents, and siblings.
Who’s Hiding the Debt?
The survey uncovered some interesting trends:
- The Shame Factor: Almost half (49%) of those with credit card debt feel ashamed and try to conceal the extent of their problem.
- Widespread Debt: A significant 46% of Americans carry some credit card debt, including half of those earning six-figure salaries.
- Gender Gap: Women are more likely to admit to their credit card debt (35%) than men (21%).
- Generational Differences: Baby Boomers are far more likely to be open about their debt compared to Gen Z and Millennials.
A False Sense of Control?
Despite the widespread secrecy and the sheer amount of debt, a majority of Americans believe they have their credit card debt under control. This suggests a disconnect between perception and reality, with many potentially downplaying the seriousness of their situation.
