Why Are Americans Drowning In Credit Card Debt?

Credit card companies are extremely good at marketing and because of this the use of credit cards have become a norm and a way of life for everyone. Many Americans can say that they use their credit cards on a daily basis. According to experts, the large amount of Americans buried in credit card debt is driven by factors like inflation and high credit card interest rates.

Michael Reynolds Opinion on Credit Card Debt

Millions of Americans are living paycheck-to-paycheck. Unfortunately many Americans are not falling into debt because of lavish spending habits, but instead they are falling into debt for reasons such as day-to-day living expenses or some kind of emergency expense. Michael Reynolds, a certified financial planner and owner of Elevation Financial stated that consumers become psychologically detached from the purchases they make when using credit, versus a debit card or cash, which are more tangible forms of payment. He went on to say “That detachment makes people feel less pain or stress when they use credit. It doesn’t feel like they’re spending real money. 

Are You Struggling To Pay Off Credit Card Debt?

If you are struggling to pay off your creditors it is crucial that you act quickly. CuraDebt has been connecting individuals and small businesses with vetted debt relief partners for over 25 years nationwide. As of May 2023 CuraDebt received a score of 5 out of 5 on CustomerLobby for a total of 1,600+ five-star reviews. CuraDebt is an Accredited Member of the American Association for Debt Resolution (AADR). Contact us for a free consultation. 1-877-850-3328.