A recent report found that U.S. consumers have hit a seven-year high in overdue credit card payments. Borrowers are now distressed on $11.9 billion in credit card debt.
It’s not exactly breaking news that Americans enjoy swiping their plastic, sometimes above their means. And racking up credit card debt you can’t repay comes with obvious financial ramifications, including a tanking credit score and a path toward bankruptcy.
But is credit card debt causing more than just financial ruin?
To see how deep debt can cut, LendEDU conducted a survey of 1,000 credit card holders in the U.S. who were, at the time of the survey, carrying a balance of more than $5,000.