Law Office of Ruth Nelson - Seattle Bankruptcy Attorney
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What Can Bankruptcy Do For Me?
What Can Bankruptcy Do For Me?

Is high credit card debt damaging for your health and happiness?

On Behalf of | Feb 23, 2018 | Credit Card Debt

We all know that high cholesterol and high blood pressure are bad for our health, but what about credit card debt? A recent survey conducted by NerdWallet of 2,000 credit card users showed that having a high amount of credit card debt can present some serious health consequences for Americans.

Perhaps it’s because of the sleepless nights, perhaps it’s because of the high blood pressure, but 86 percent of people carrying a high amount of credit card debt say that they wish they hadn’t made the purchases that led to that debt. They primary regret how long it took them to pay off the debt due to the high expenses and high interest rates they were forced to pay, which increased their stress levels.

A high percentage of consumers also said that their credit card debt affected various factors related to their happiness, health and standard of living. Nevertheless, on average, Americans hold approximately 6,375 in credit card debt, which is 3 percent higher than the previous year according to a study conducted by Experian. In fact, a whopping 43 percent of consumers have a credit card balance — and that’s when you really feel the burn due to the high interest rates.

Are you struggling under a mountain of credit card debt? Maybe it’s time for you to explore solutions to get out from under that debt once and for all. Bankruptcy could be a great option for you, but you might also have other solutions available that can assist you in taking care of your debt once and for all.

Source: CNBC, “Why credit card debt can be bad for your health,” Jessica Dickler, Feb. 13, 2018

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