Credit card debt is something that haunts the daily lives of many people. Whether it’s through choice or circumstance, millennials have managed to rack up over $800 billion in credit card debt, and that number isn’t going down anytime soon.
In fact, a new survey by Credible.com found that, for many millenials, the constant looming pressure of credit card debt is scarier than the threat of war, or even death.
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Survey Data Shows That Credit Card Debt is Truly Terrifying
Credible surveyed respondents between the ages of 18 and 34 who have credit card debt, to understand how credit card debt affects their daily lives.
- Millennials said that credit card debt was scarier to them than climate change, potential war, and even death
- The average balance between all 500 respondents was $5,290. One-in-five millennials said they needed credit cards to supplement their monthly income
- The scariest aspects of debt seemed to be focused around accruing interest (32.6%) and making monthly payments (32%)
- Despite all the doom and gloom though, 80% of respondents believe they would be able to pay off their debt within a year
More than 33% of respondents said that their credit card debt was what they feared the most, while only 20.4% of respondents feared death.
When asked about what led them getting into debt in the first place, a strong 34% of responses said they used credit cards to take care of emergency expenses, whereas 31.80% of those surveyed said they used credit cards to make a large purchase that wouldn’t otherwise be realistic.
In many cases, credit cards are a necessity to achieve goals or simply make it through a difficult time. Despite the inherent fear that credit cards bring to the table, the data also shows an optimistic outlook from the majority of respondents.
While debt may be unavoidable in many cases, being smart about how you choose and utilize your credit cards can help mitigate problems in the future. For example, finding the best cash back credit cards can help offset your purchases with rewards that you can use to pay down the debt.
Over to You
Are you someone who has a significant amount of credit card debt? Does the very thought of accruing credit card debt strike fear in your heart? Let us know how you plan to tackle your debt in the comments!