Bloomberg Línea — Credit-card debt in the US is approaching $1 trillion, with rates exceeding 20%, and three (3.3%) in 10 Americans hide their debt, even from their partners, as the stigma associated with debt is increasing.
According to an estimate by WalletHub, a typical American household currently has around $10,000 in credit card debt, and an increasing proportion of cardholders carry debt over from one month to the next.
Such is the stigma of debt that a previous study by NerdWallet found that one-third of married Americans with credit-card debt have not disclosed to their spouses the amount they owe.
In a new report, two-fifths of respondents said it would be acceptable to have a credit card unknown to their spouse.People with partners have kept secrets about expensive purchases, income levels, credit scores and also card debt.
In terms of age ranges, younger people are especially likely to keep financial secrets from their partners: Generation Z tops the list at 63%; millennials at 58%; 44% of Generation X; and 19% of baby boomers, according to the survey.
Where does debt originate?
The increase in credit card debt is not only due to impulse purchases, but also to unexpected expenses, medical emergencies and people’s ability to cover themselves in the event of job loss, according to a survey conducted by US News & World Report and published by The Hill.
A consumer acquiring a new credit card this year will face an average interest rate of 24%.
According to WalletHub, most Americans have more debt on their cards than they did 12 months ago, and nearly half indicated that it causes them stress. In addition, more than a quarter attributed the debt to frivolous spending.
