A new survey by Credible.com reveals that millennials rank their credit card debt as the scariest issue in their daily lives, even scarier than weighty issues like dying and the threat of war. It’s hardly a surprise, given Americans hold nearly $800 billion in credit card debt. Close to half of American households carry a balance on their credit card — $5,700 on average.
To put some context around these numbers, and to understand how credit card debt affects millennials’ daily lives, we conducted a survey asking respondents about their feelings and behaviors around credit card utilization.
In our poll, we targeted respondents who were 18-34 years of age and carried credit card debt. We’ve analyzed the results of the survey and compiled some key findings:
- Millennials with credit card debt find their debt to be scarier than climate change, the threat of war, not being able to retire, and even dying
- The average credit card balance among all 500 respondents surveyed was $5,290, with nearly one in five millennials saying they needed to rely on their credit card(s) to supplement their monthly income
- Millennial debt holders found the scariest aspects of their credit card debt to be the fear of accruing interest (32.6%) and making their monthly payments (32%)
- Despite their balances, 80% of millennials surveyed are at least somewhat confident they will be able to pay off their debt in the next year
- An overwhelming majority said they planned to change their spending habits in order to get a handle on their debt
Nothing is certain but… death and credit cards? … … There’s no doubt about it:
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