Credit card use may harm mental well-being, a survey shows

By Desert Star Staff

As a nation, Americans have accumulated a debt of nearly $1 trillion through credit cards. Many individuals report feeling negative emotions such as stress, sadness, and hopelessness due to their reliance on plastic. Despite knowing better, the convenience of credit cards often leads to temptation and subsequent usage.

A survey was conducted on 1,000 Americans to understand the role of credit cards in causing stress, depression, and overall mental wellness. The results show a marked increase in adverse effects compared to last year. In 2022, 21% of respondents felt stressed after using credit cards, but it increased to almost 34% this year. Additionally, 39% of respondents felt stressed just by looking at their credit card statements last year, which rose to 43% this year. Respondents who argued with their significant others over credit card spending increased from just over 3% to over 11%. Last year, 74% of respondents thought that the convenience of credit cards could negatively impact their mental health. This year, that number rose to 78%.

Americans are struggling financially. Inflation is a sign of a bigger problem. In addition, credit cards are being used to hide social issues. Over 11% keep credit card spending from significant others—4% date due to debt.

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It’s important to note that “retail therapy” (impulse shopping to feel better) is not a healthy way to cope with stress. Shockingly, almost 12% of people turn to their credit cards to make purchases they regret weekly. While some people accrue an average debt of $1,000 or less, the numbers for those who owe more raise serious concerns:

- 16% of people owe between $1,000 and $5,000

- Almost 15% of people owe between $5,000 and $15,000

- 2% of people owe between $15,000 and $20,000

- Nearly 3% of people owe more than $20,000

Understanding that having substantial credit card debt can significantly impact mental and physical well-being is crucial. For example, research indicates that more than 6% of individuals experience adverse effects due to their credit cards bills, such as sleep deprivation, loss of appetite, and diminished selfworth. In addition, as reported by TransUnion, credit card