CHARLOTTE, N.C.–Many Americans lie about their credit card debt, and that’s especially true of those earning the highest incomes, according to a new survey.
As the CU Daily has reported, those findings come at a time when the average credit card debt is $7,321 with an average interest rate of 21.4%, contributing to a national total of $1.2 trillion in credit card debt.
The recent survey from LendingTree found approximately two-fifths of consumers with credit card debt have lied about the amount of their debt. Among those with card debt who earn more than $100,000 a year, the share who lie about it rises to half.
Experts say a credit card balance isn’t like other debt when it comes to guilt and shame, according to LendingTree.
Key Findings
Among the key findings:
- Nearly 40% with credit card debt have lied about it. 39% of card debtors have done so, most commonly to their spouse or partner (18%), parents (13%) or siblings (10%).
- 54% with credit card debt say they’re fully transparent about the amount they owe. That said, 49% of debtors downplay or hide the amount of credit card debt they have because they feel ashamed, LendingTree said.
- 46% of Americans are in credit card debt, 50% of those earning at least six figures annually have it, compared with 39% of those earning less than $30,000.
- Half of those earning $100,000 or more with card debt say they’ve lied about it, compared with 32% of those who earn less than $30,000.
- 28% with credit card debt say they haven’t discussed it with anyone.
- Women are far more likely than men to say so (35% versus 21%), and Baby Boomers are more than twice as likely as Gen Zers or Millennials to say so. Among those who have told others about their debt, the most likely confidantes are partners (40%), family (31%) and close friends (17%).
- 74% with card debt say they have control of it, and high-income earners are most likely to agree. 81% of higher earners with credit card debt say so, versus 61% of lower earners.
- 51% of those with card debt have had it for less than a year.
