The emotional and mental health impacts of financial stress, particularly from credit card debt, have significantly worsened from 2022 to 2025, according to a recent survey by Debt.com. Despite a decrease in inflation rates, the convenience of credit cards and the burden of debt are leading to heightened feelings of hopelessness, sadness, and anxiety among Americans.
Howard Dvorkin, CPA and chairman of Debt.com, emphasizes the lasting scars left by credit card debt, noting its widespread nature and deep emotional impact. The survey reveals that 71% of respondents believe the ease of using credit cards negatively affects their mental health, with nearly 40% avoiding their monthly statements due to anxiety.
Beyond credit card debt, the survey also sheds light on the stress caused by inflation and student loans. A significant portion of Americans report anxiety over rising prices, with some experiencing disruptions in their work and daily lives. Student loan debt, particularly for those in default, brings fears of wage garnishment and loss of tax refunds, with nearly a quarter of borrowers owing more than $50,000.
Dvorkin advocates for open discussions and the provision of resources to manage debt, highlighting the essential link between financial health and mental well-being. The findings underscore the urgent need for solutions to alleviate the emotional burden of financial stress on individuals and families across the nation.
