WASHINGTON—A new report has found that as Americans hold a record level of credit card debt, many say they regret having taken on the debt to the point it affects their health.
Federal Reserve data show consumers have now amassed more than $1 trillion in outstanding credit card debt, the highest total ever.
A NerdWallet study reveals that 86% of Americans who have or had credit card debt said they regret it. Their main reasons or the remorse, according the study, is because it took a long time to pay off, resulting in large interest expenses and causing unnecessary stress.
Nearly two-in-five consumers who have had credit card debt said it affected their general happiness, NerdWallet stated.
One-third said it negatively affected their standard of living, and one in five said it negatively impacted their health.