WASHINGTON—A new study reveals that credit cards—by far—are consumers’ biggest financial worry.
The National Foundation for Credit Counseling (NFCC) has found that money worries that come in second and third are not even close to consumers’ card concerns.
When asked what financial issue caused them the most worry, 69% of consumers said credit cards. The second biggest worry concerned the inability to save for retirement or emergencies, mentioned by 13% of consumers. Student loan debt was third, at 10%, reported Consumer Affairs
That report comes on the heels of WalletHub data that shows consumers racked up a record $34.4 billion in credit card debt in the second quarter of this year. It was the largest second quarter build-up since the government starting tracking the statistic in 1986.
“Credit cards are a useful and effective financial tool for those who keep their balances under control,” Bruce McClary, spokesperson for the NFCC, told Consumer Affairs. “Balances sometimes grow beyond the point where they can easily be repaid, which is a sign that it’s time to reach out to a financial professional for guidance.”