Reed Law Firm, P.A. is a federally designated debt relief agency. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.
image description
Giving You Hope For a Debt-Free Future

Study: Americans are most embarrassed by credit card debt

For most Americans, the beginning of the month is always stressful. That's because this is not only the time when mortgage payments or rent is due, but also the time in which bills from schools, medical providers and, of course, credit card companies start to appear in mailboxes.

Indeed, a recent study by the financial news website NerdWallet found that many Americans find their credit card debt to not only be stressful, but also altogether shameful.

As part of the study, researchers conducted an online survey of more than 2,000 adults across the U.S., inquiring about things like embarrassment, stigma and fear of judgment as it related to credit card debt, mortgages, student loans and medical bills.

They made the following findings:

  • 70 percent of people believe credit card debt carries more of a stigma than any other type of debt
  • 49 percent of people would see their interest in dating someone diminish if they knew the person had credit card debt
  • 43 percent of people would feel subject to judgment by family and friends if these parties knew how much debt they actually had
  • 35 percent of people would be most embarrassed to tell other people about their credit card debt  

These findings are rather unfortunate and perhaps suggest that people need to be a bit more understanding of one another -- and themselves -- when it comes to credit card debt.

The reality is that the sudden onset of a major illness, the loss of a job, a divorce or other major life events can all result in people having to turn to rely on their credit cards for financial support. Indeed, the more empathy people are willing to show someone with credit card debt, the more likely they are to feel comfortable exploring their options.

For some, these options might include filing for Chapter 7 bankruptcy, which can help eliminate credit card debt and provide a fresh financial start.

If you would like to learn more about your rights and options as they relate to Chapter 7 or Chapter 13, please consider speaking with an experienced legal professional.

No Comments

Leave a comment
Comment Information
image description

Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
Columbia Law Office Map

Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
Florence Law Office Map

Reed office

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Subscribe to This Blog's Feed FindLaw Network