The majority of Americans who have maxed out their credit cards said they did it because of price increases from inflation, a recent survey from Debt.com said.
Yeah, this isn’t a new development. The vast majority of the country is awful with money. Hell, there is a reason there is the meme of the lottery winner being broke just a few years after winning big, and it isn’t because they paid off their debt, invested in reliable sources, and continued to live similarish to how they were before.
Bingo. It’s so bad that my company is giving budgeting classes since a lot can’t live on the absolutely great wages we’re paying (6 figures in a town with an avg $58K income). They can’t live on that because they blow their money on stupid shit.
It seems more like they used past results when it was convenient for them for their graphic aids and not when it wasn’t. Articles like these pop up all the time and are usually attempting to sell services of some sort. There are numerous promotional links in the original Fox piece and the Debt.come survey.
Methodology: Debt.com surveyed 1,000 credit card holders about how high inflation has impacted on their debt. People responded from all 50 states and Washington, DC, and were aged 18 and above. Responses were collected through SurveyMonkey. The survey was conducted on February 27, 2024.
Surveymonkey is usually a site that’s used to solicit survey completion for a very small monetary compensation. I’d again wager that people who are filling out paid surveys online are likely a cash-strapped section of the population and contributing to the sample bias. This is all intentional though.
Looking at the debt.com article they include past surveys. A similar question in 2018 has around 35% hitting a credit limit.
Yeah, this isn’t a new development. The vast majority of the country is awful with money. Hell, there is a reason there is the meme of the lottery winner being broke just a few years after winning big, and it isn’t because they paid off their debt, invested in reliable sources, and continued to live similarish to how they were before.
Bingo. It’s so bad that my company is giving budgeting classes since a lot can’t live on the absolutely great wages we’re paying (6 figures in a town with an avg $58K income). They can’t live on that because they blow their money on stupid shit.
It seems more like they used past results when it was convenient for them for their graphic aids and not when it wasn’t. Articles like these pop up all the time and are usually attempting to sell services of some sort. There are numerous promotional links in the original Fox piece and the Debt.come survey.
Surveymonkey is usually a site that’s used to solicit survey completion for a very small monetary compensation. I’d again wager that people who are filling out paid surveys online are likely a cash-strapped section of the population and contributing to the sample bias. This is all intentional though.