ROCHESTER, N.Y. – Americans are carrying a staggering $1.2 trillion in credit card debt, according to the Federal Bank of New York. A recent survey by Best Money revealed surprising insights into why many are in debt. The survey found that 63 percent of respondents admitted to making unplanned purchases as a form of self-reward.
“We surveyed American consumers, 1,200, explained Matt Zajechowski, BestMoney’s Director of Media Relations.
The findings were unexpected because many respondents were honest about their spending habits.
“We found that 76 percent of our survey responders say their debt is almost entirely due to their own choices,” said Zajechowski.
The average credit card debt among those surveyed is $8,550.
“People are willing to kind of self-own that there are a lot of small things that we do weekly whether it’s small impulse purchases or it’s kind of this comfort and stress spending,” he said.
Online shopping has exacerbated the issue, with Americans spending more than a trillion dollars online last year, much of it on credit cards.
There are various methods to tackle debt, including the avalanche and snowball methods. Click here for our Consumer Alert explaining both.
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