Americans have now piled up a whopping $1.18 trillion in credit card debt, and a huge chunk of the population is lying about it to loved ones, according to a new report.
Nearly four in ten Americans saddled with credit card debt have been dishonest about it, with wealthier individuals more likely to hide the truth, says LendingTree in a new report.
“LendingTree surveyed more than 900 people with credit card debt and found that many feel ashamed about it.
Many have chosen to keep quiet about what they owe, while others take it a step further, lying to those closest to them about what they’re going through.”
Credit card balances have surged since 2021 when they reached a collective bottom at $770 billion, thanks in part to pandemic-era checks from the government.
Since then, things have taken a turn for the worse.
• 39% of Americans with credit card debt have lied about it, usually to their spouse, partner, parents or siblings.
• 49% feel shame about their level of credit card debt and either downplay or hide the burden.
• 46% of Americans now hold at least some credit card debt, and half of Americans making at least six figures have it.
• 35% of women with credit card debt will admit it, compared to 21% for men, and baby boomers are more than twice as likely as Gen Zers or Millennials to tell the truth.
LendingTree says a majority of Americans feel they have a grip on their credit card debt, regardless of whether they’re comfortable talking with their loved ones about it.
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