In a recent poll conducted by NerdWallet, about a third of Americans said no one knows how much they’ve taken on in credit card debt. And 2 in 5 respondents said they think credit debt is embarrassing.
At the same time, however, data shows more cardholders are carrying a balance from month to month. The typical American household now holds about $10,000 in credit card debt, according to WalletHub.
“There can be shame tied to that,” said Melissa Lambarena, a credit card expert at NerdWallet.
Polling from Bankrate also showed that 2 in 5 adults with credit card debt said they didn’t know how much interest they were paying.
“This is especially troubling,” Bankrate reported, “given that the average credit card interest rate is at an all-time high.”
Americans are estimated to owe about $1 trillion in credit card debt, with consumers applying for a new card expected to face an average interest rate of 24 percent.
The NerdWallet report includes tips for people who are keeping secrets about credit card debts and other financial hardships: Consider opening up to someone about your finances, even if it’s not your partner.
Sharing concerns can be cathartic and potentially helpful, the report says, especially for someone who needs help getting out of debt.
“If you are able to come forward and share it with someone, then you will have less pressure,” Lambarena said.
The Hill’s Daniel De Visé has more here.
