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A NerdWallet survey shows 49% of Americans say emotions drive them to overspend on credit cards.
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Nearly Half of Americans Say They Emotionally Overspend, Survey Shows by Nerdwallet.
A NerdWallet survey found that almost half of Americans say their emotions drive them to spend more than they can afford.
The survey asked Americans about what they consider to be acceptable and embarrassing reasons for getting into credit card debt.
Consumers get into debt in different ways, but Americans have their suspicions about the No.
Whatever the reason, the accumulation of credit card debt appears to be heavily influenced by emotion.
While a large majority of Americans (86%) say there are acceptable reasons for getting into credit card debt, slightly more (87%) say they would be embarrassed if they went into credit card debt themselves.
The most acceptable reasons for going into credit card debt, according to the survey: emergency purchases (63%); medical expenses (61%); and covering necessary expenses during periods of unemployment (45%).
More than 6 in 10 Americans (63%) say individual cardholders are the only ones to blame for credit card debt.
Almost 2 in 5 (36%) say credit card companies could stop charging interest on balances.
Getting out of credit card debt is totally doable for most consumers by making a plan and sticking to it, even if it takes a long time.
For more details and a complete methodology, see the full survey .
Erin El Issa is a staff writer at NerdWallet, a personal finance website.
Almost half of Americans (49%) say emotions cause them to spend more than they can reasonably afford, according to the NerdWallet survey.
Six in 10 Americans say the most common reason for credit card debt is people spending more than they can afford on unnecessary things.
The most acceptable reasons for going into credit card debt are emergency purchases (63%), medical expenses (61%) and covering necessary expenses during unemployment (45%).
More than 6 in 10 Americans (63%) say individual cardholders are the only ones to blame, and 68% say consumers could cut their spending to reduce debt.
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1 Emotions Can Drive Debt.
2 Embarrassing vs.
3 Some Say Consumers Could Use Help.
4 A Step-by-Step Plan to Get Out of Debt.
5 More From NerdWallet.
Frequently Asked Questions.
What share of Americans say emotions cause them to overspend?.
What do Americans say is the most common reason for credit card debt?.
Which reasons for credit card debt do Americans find acceptable or embarrassing?.
Who do Americans think is responsible for solving credit card debt?.
What steps does the article suggest for getting out of credit card debt?.
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