The website Credible recently published the results of a survey that questioned millennials about credit card debt. According to the survey results, millennials fear credit card debt more than they fear death. In fact, 33 percent of the youngest generation of adults claims that the scariest part of their day-to-day lives is credit card debt.
Interestingly, only 20 percent of the respondents said that dying was the scariest thing they thought about. Another 17 percent said that it was war, and 11 percent said that it was never being able to retire. A measly 6 percent claimed that the scariest thing they thought about was climate change.
Considering that Americans have accrued over $1 trillion in credit card debt — and the average debt held by an American is $5,290 — it's not surprising that credit card bills would be front and center on the average American's mind.
What's the most terrifying part about credit card debt?
According to 33 percent of the people who responded to the survey, it's the interest. According to another 32 percent, the scariest thing is the continual need to make monthly payments.
Different people get into debt for different reasons, of course. According to the survey, some found themselves carrying their credit card debt because they needed to fund an emergency expense. Others said it was because they had to make a big one-time purchase. Four percent of the respondents said that they could pay off their credit card debt with their current resources, but they'd rather not.
Can you relate to the responses above? Are you currently dealing with such a high level of credit card debt that you can't see any end to it? You might want to speak with a bankruptcy lawyer about the possibility of resolving your credit card debt and getting your financial situation under control once and for all.
Source: cnbc.com, "One financial fear scares millennials even more than death," Shawn M. Carter, Nov. 08, 2017