Credit card debt is always at the back of some Americans’ minds, according to a recent survey. (iStock)
A majority of Americans are feeling financial regret, according to a recent survey, as personal debt rises to an all-time high.
According to Debt.com, about 78% of people said they have financial regrets, with 21% saying their biggest regret is “having too much credit card debt.” investigationMillennials regret their credit card debt the most, with 45% saying they feel guilty about “spending too much on credit cards.” Baby Boomers are the least worried, with only 10% regretting it despite having the most credit card debt. About 24% of Baby Boomers have between $30,000 and $50,000 in credit card debt.
Additionally, 49% of respondents say they “always regret” their credit card debt. More than one in four respondents (26%) regret having a growing balance and have credit card debt between $15,000 and $30,000, and 15% have debt between $30,000 and $50,000. Nearly half of respondents (49%) say they “always regret” their credit card debt.
“It’s no surprise that credit card debt is a topic of regret,” says the president of Debt.com. Don Silvestri “There are 1 billion credit cards in circulation in the United States, but a population of just 333 million. As credit card balances continue to grow, so will the associated stress.”
If you’re struggling to pay off your debt, you could consider a personal loan to consolidate your payments at a lower interest rate and save money each month. To check out personal interest rates without impacting your credit score, visit Credible.
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Baby boomers most regret not saving for retirement
According to the survey, Baby Boomers said they most regret not saving enough for retirement: About 38% of respondents from this generation said they regret not having started saving for retirement sooner. Additionally, 25% said they have not saved at all for retirement.
More than 4 million U.S. adults will turn 65 this year, according to a separate survey by Northwestern Mutual. investigationYet only half of baby boomers (49%) and Gen Xers (48%) believe they will be financially prepared to retire comfortably, and many expect they will likely outlive their savings.
Even more troubling, while many older Americans in both generations expect to be short of money in retirement, more than a third (37% and 38%, respectively) still have to deal with the issue.
If you’re retired or preparing for retirement, paying off your debt with a personal loan can help reduce your interest rates and monthly expenses. Visit Credible to compare multiple personal loan lenders at once and choose the one with the best interest rate.
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Gen Z’s biggest worry: student loans
Surveys show that Gen Z regrets their student loan debt just as much as they feel guilty about credit card debt.
According to the survey, Gen Z has an average of $20,900 in student loan debt. report According to the Federal Reserve Bank of St. Louis. This equates to an average loan amount of $12,800. Additionally, many of these borrowers do not complete their higher education, potentially leaving them with even more debt.
At the same time, this generation is shouldering a heavy credit card debt burden, with about 15.3% of Gen Z credit card borrowers having maxed out their credit cards. New Research From the Federal Reserve Bank of New York. This is important because high credit card utilization rates are strongly correlated with future delinquency.
If you’re having trouble paying your private student loans, you won’t be able to benefit from federal relief. To reduce your monthly payments, consider refinancing your loans to a lower interest rate. Visit Credible to get a personalized interest rate in minutes, without impacting your credit score.
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