AUSTIN, Texas–As interest rates rise, one-in-five credit card-holders say accumulating credit card debt is among one the biggest regrets they have and that they would rather let someone read through their text messages than show them their credit history.
In addition, the Upgraded Points survey found 35% of respondents said they immediately regretted a credit card purchase, while 24% say they would rather go to the dentist than share their credit history with their partner.
Impulse buys, which provide instant gratification, are also big regrets, with 36% of respondents saying they bought something on their credit card they couldn’t afford but didn’t want to wait for.
The findings come as Federal Reserve Bank of New York data show credit card balances are $71 billion higher than in the first quarter of 2021 and represent a significant year-over-year increase.
Additional Findings
Other card-related findings in other surveys conducted by Upgraded Points found:
- 1 in 5 (20%) respondents have a total of 3 credit cards and 1 in 20 (5%) have 10 different credit cards.
- 36% of respondents have reported purchasing something on their credit card they couldn’t afford but didn’t want to wait for.
- A study of spending found vacationswere the top credit card expense in 17 states, including Arizona, Maryland, Massachusetts, Pennsylvania, and Oregon.
- Computers were the second most popular item on Americans’ credit card statements, dominating in eight states, including North Carolina, California, and Delaware, perhaps as the result of remote work.
- Credit cards were used to purchase furniture in six states across the country, including New York, Washington, and Oklahoma.